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mario62 [17]
3 years ago
5

Thomas borrowed 4800$ to buy a new car. He will be paying 96$ a each month for the next 60 months. Find the simple interest rate

for his car loan.
Mathematics
1 answer:
Helga [31]3 years ago
8 0

Answer:

The Rate at which car is loaned is 4 % .

Step-by-step explanation:

Given as ;

The amount borrowed by Thomas to buy new car = $ 4800

The time period = 60 months = 5 years

The Amount paid per months = $ 96 × 60 = $ 5760

Let The rate of interest applied = R % simple interest

So, Simple - Interest = Amount - principal

Or,  Simple - Interest = $ 5760 -$ 4800 = $ 960

So,<u> From Simple Interest method </u>

Simple Interest = \dfrac{\textrm Principal \times \textrm Rate \times \textrm Time}{100}

Or, $ 960 = \dfrac{\textrm 4800 \times \textrm R \times \textrm 5}{100}

or, 960×100 = 24000 × R

∴ R = \frac{96000}{24000} = 4 %

Hence The Rate at which car is loaned is 4 % . Answer

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