3. Jen’s parents buy a tablet for her to use in school. Of the $1500 cost, her parents expect her to pay back $1000 one year lat
er. If interest were calculated monthly, what interest rate on the $1500 value of the tablet are her parents assuming?
1 answer:
Answer:
<h3>
33.3%</h3>
Step-by-step explanation:
Using the formula for calculating simple interest as shown;
Simple Interest = Principal * Rate *Time/100
Principal = Cost of tablet = $1500
Interest after one year = $1500-$1000 = $500
Time = 1year
Substituting this values into the formula;

The interest rate that her parents assumed is 33.3%
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