Question

Is your received a $15,000 loan from the bank after six years she owes the bank 5000 in interest what was Angie’s interest-rate

Answer 1

Answer:

  about 5.55%

Step-by-step explanation:

The interest formula is ...

  i = Prt

where i is the interest earned, P is the principal amount, r is the annual rate, and t is the number of years. Fill in the given information and solve for the remaining variable.

  5000 = 15000·r·6

  5000/90000 = r = 1/18 ≈ 5.55% . . . . . divide by the coefficient of r

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Comment on the answer

The decimal value of 1/18 is 0.0555555... repeating indefinitely. Rounded to 3 digits, it would be 5.56%. The offered answer choices seem to give more attention to the repeating digits than to proper rounding.

Answer 2

Answer:

it would be 3.33%

Step-by-step explanation: