3 years ago

Pete borrowed $400 for 1 year. He paid back a total of $440. What was the interest rate per year?

Mathematics

2 answers:

Katen [24]3 years ago

7 0

Answer:

$40

Step-by-step explanation:

find Y

$400=x

$440=x+y

x+$40=x+y

$40=y

OleMash [197]3 years ago

5 0

I=PRT/100

1. Make R (rate) subject

R/100= I/PT

2. Substitute and calculate

r/100= i/pt

r/100= 40/400 × 1

(40 is from 440-400.The interest)

r/100= 0.1

r/100×100= 0.1×100

r=10% (interest rate per year)

To confirm

I=PRT

I= 400×10/100×1

I= $40 (Interest)

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