Janet borrowed $5,500 from the bank at an interest rate of 7.5% for one year Assuming she pays it back on time how much interest
1 answer:
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Answer:
12.5%
Step-by-step explanation:
= 12.5%
Percentage of total cost that is the payments= 12.5%
First, let's expand the right side. Now our equation is
Now, we gather all the terms with x in it on the left side, and the numbers without x on the right. We get:
And then we can make this
We divide both sides by 12 to get x on its own, so x = 13/12 or 1.08
Now, we gather all the terms with x in it on the left side, and the numbers without x on the right. We get:
And then we can make this
We divide both sides by 12 to get x on its own, so x = 13/12 or 1.08