If the simple interest on $5,000 for 4 years is $1,600, then what is the interest rate?
1 answer:
You might be interested in
Perimeter is the sum of all the sides. So we can set up an equation:
Now solve for 'x', combine like terms:
When it comes to terms with variables it's just like normal addition but we keep the variable:
So we have:
Add:
Subtract 7x to both sides:
Subtract 4 to both sides:
Divide 5 to both sides:
Now solve for 'x', combine like terms:
When it comes to terms with variables it's just like normal addition but we keep the variable:
So we have:
Add:
Subtract 7x to both sides:
Subtract 4 to both sides:
Divide 5 to both sides: