1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
vaieri [72.5K]
3 years ago
14

John borrows 2500 from his dad who feels it is best to charge him interest. Six months later, John repays him dad the loan plus

interest a total of 2588. What was the annual interest rate on the loan?
Mathematics
2 answers:
Ulleksa [173]3 years ago
7 0

Answer:

7.04%.  

Step-by-step explanation:

We have been given that John borrows 2500 from his dad who feels it is best to charge him interest. Six months later, John repays him dad the loan plus interest a total of 2588.

To find the annual interest rate, we will use simple interest formula.

A=P(1+rt), where,

A = Amount after t years,

P = Principal amount,

r = Annual interest rate,

t = Time in years.

Let us convert our given time in years.

1 year = 12 months

\text{ 6 months}=\text{0.5 year}

Upon substituting our given values in above formula, we will get:

2588=2500(1+r*0.5)

2588=2500+1250r

2588-2500=2500-2500+1250r

88=1250r

Switch sides:

1250r=88

\frac{1250r}{1250}=\frac{88}{1250}

r=0.0704

Now, we will convert our given rate in percentage by multiplying by 100.

0.0704\times 100\%=7.04\%

Therefore, the annual interest rate on the loan is 7.04%.

Colt1911 [192]3 years ago
4 0

Answer:

6.92%

Step-by-step explanation:

Using the equation 2,588 = 2,500e0.5r

ON edmentum

You might be interested in
If Logan gets 41 out of 55 questions correct on a test, what would his grade be as a percent? (Round to the nearest whole number
e-lub [12.9K]

Answer:

75

Step-by-step explanation: 41/55=0.74545

0.74545x100= 74.54

round to nearest whole number=75%

8 0
3 years ago
Read 2 more answers
Find the measure of each angle in the triangle.
makvit [3.9K]
<A +<B + < C =180° ==>(5x+6) + (2x+1) + (6x+4) = 180°
13x = 180°-11° ==> 13x 169° and x =169/13 =13°

8 0
3 years ago
✨Could ✨someone✨help ✨me ✨with ✨this? ✨It ✨would ✨be ✨much ✨appreciated✨
Nataly_w [17]

Answer:

B

Step-by-step explanation:

2x-5y=-25

5y=2x+25

y=2/5 x+5

8 0
3 years ago
Read 2 more answers
The base of the pyramid is a square what is the surface area if the pyramids height is 4 feet in the area of the base is 36 ft.?
KATRIN_1 [288]

Answer:

96 ft²

Step-by-step explanation:

The general formula for the surface area of a pyramid is:  

SA = \frac{1}{2}pl + B, were p = the perimeter of the base, l = the slant height and B = the area of the base

Since the area of the base is 36 ft², then each side is √36, or 6 ft. The perimeter is the sum of all the sides, so 6 x 4 = 24 ft.

Given the overall height of the pyramid is 4 feet, you can use the Pythagorean Theorem (a² + b² = c²) to find the slant height (hypotenuse) of the pyramid.  Using 3 feet for 'a' and 4 feet for 'b':

3² + 4² = c² or 9 + 16 = 25

25 = c² or c = 5

SA =  \frac{1}{2}(24)(5) + 36

SA = 60 + 36 = 96 ft²

8 0
3 years ago
Write the ratio as a ratio of whole numbers in lowest terms<br><br> $1.00 to $0.80
diamong [38]
5/4
as 1.00/0.80 = 100/80
and then when you simplify it the answer would be 4/5.
6 0
3 years ago
Other questions:
  • What is the value of the expression 4x+y2y−x when x = 2 and y = 4?
    7·1 answer
  • PLEASE HELP!!!! DUE TONIGHT
    9·1 answer
  • Lisa plays basketball and her shooting accuracy increased by 10% from 2001 to 2002, and by 30% from 2002 to 2003. By what percen
    9·1 answer
  • Kate has two lengths of ribbon. the pink ribbon is 4 6/12 feet long, and the purple ribbon is 2 4/12 feet long. how much ribbon
    13·1 answer
  • Answer for brainliest no wrong answers please :)
    5·1 answer
  • Which graph best represents a function with range -4 ≤ y ≤ 3?
    7·1 answer
  • The answer that the question is asking for.
    13·1 answer
  • A cookie factory uses 3 bags of flour in each batch of cookies. The factory used 2 7/10 bags of flour yesterday. How many batche
    12·1 answer
  • Please help <br> don’t give any fake links pls
    14·1 answer
  • PLZ ASAP ON 3 A B AND C PLSHSJSJSJSJ
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!