How many significant figures will the answer to the following problem have?

Mathematics

1 answer:

klasskru [66]3 years ago

5 0

Answer:

Step-by-step explanation:

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My cousin borrowed $15,000 for a new car loan for 5 years. He told me that at the end of the loan, he had paid $21,000 for the i

Umnica [9.8K]

To solve this problem we are going to use the simple interest formula: $A=P(1+rt)$
where
$A$ is the sum of the interest and the principal
 $P$ is the principal
$r$ is the interest rate in decimal form
$t$ is the time in years

We know for our problem that $A=21000$ , $P=15000$ , and $t=5$ . Now, let $x$ represents our interest rate. To express the interest rate in decimal form, we are going to divide the rate by 100%:
$r= \frac{x}{100}$
$r=0.01$ .
Now that we have all the values we need, lets replace them in our simple interest formula to find the interest rate:
$A=P(1+rt)$
$21000=15000[1+(0.01x)(5)]$
$\frac{21000}{15000} =1+0.05x$
$1+0.05x=1.4$
$0.05x=0.4$
$x= \frac{0.4}{0.05}$
$x=8$

We can conclude that the interest rate of your cousin's loan was 8%.

4 0

3 years ago

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