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Artemon [7]
3 years ago
8

I AM VERY DESPERATE NOW!!! I HAVE ASKED THIS SAME QUESTION 3 TIMES AND NOBODY HAS BEEN ABLE TO ANSWER IT. PLEASE HELP, SOMEONE!!

IF YOU CAN'T DO IT, PLEASE GET SOMEONE ELSE TO HELP ME. IT HAS BEEN 3 HOURS AND I HAVE BEEN STUCK ON THIS SINGLE PROBLEM
What is the interest rate?

Mathematics
2 answers:
Alexandra [31]3 years ago
8 0

Answer:

Interest rate is 5.25% a year.

Step-by-step explanation:

r = (1/54)((22252.5/18000) - 1) = 0.004375

r = 0.004375

Convert decimal to percentage

R = 0.004375 * 100 = 0.4375%/month

Calculate annual rate

0.4375%/month × 12 months/year = 5.25% per year.

Sergeeva-Olga [200]3 years ago
3 0
The interest rate is 5.25 percent. I got this by doing 4252/81000 (18000x4.5) and got 0.0525 and then multiplied by 100 (decimal to percent)
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MrRa [10]

Answer:

2,995 or 35,940(?)

Step-by-step explanation:

I don't exactly remember how to do this so, I'll show you two different ways I solved this

Use the formula I=P*r*t

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r=rate

t=time

To solve this you'll have to...

The principal is 29,950, the rate is 5% but it'll become a decimal which is 0.05, and the time is 2

Put it into the formula form 29,950*0.05*2= 2,995 in interest

Or...

You'll use the same formula, but this time multiply 0.05 by 12 since there are 12 months in one year which is 0.6, so...

29,950*0.6*2=35,940 in interest

I hope one works!

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