25 is the answer hope it helped
Answer:
15 years and 8 months
Step-by-step explanation:
I used the formula for compound interest as shown below and solved for the unknown, time.
Since our interest is compounded annually (So once a year) our m value is 1.
Answer:
what are the answer choicesss
Step-by-step explanation:
Answer:
tell me what grade u are in and I will try my best to help
Answer:
April took out a loan of $600 and paid it back with simple interest of $60 after 5 years. The formula to calculate interest is given the principal and the time and the interest rate is . For this problem we have to find the interest rate given . To archive that , we can just solve the equation making the interest rate the subject of the formula as shown below,
I= Prt
=> r= I/Pt
=> r= 60/600x5 = 1/50
The interest rate is 1/50 or 0.02 as a decimal. The interest rate is 2% as a percentage.
