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pentagon [3]
2 years ago
11

If you borrow $25,000 from a local finance company and you are required to pay $4,424.50 per year for 10 years, what is the annu

al interest rate on the loan?
Business
1 answer:
djyliett [7]2 years ago
3 0

Use this formula:

A= P(1+rt),

A is the final investment amount (4424.50x10)

P is the principal amount (25,000)

r is the rate of interest (annual)

t is the time period (10)

If A= P(1+rt),

then (1+rt) = A/P.

(1+r(10)=( 44,245)/25,000

10r=1.7698-1

r=.7698/10

<span>r=.07698 or 7.698%</span>

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3 years ago
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Answer:

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Explanation:

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3 years ago
How much would $100, growing at 5% per year, be worth after 75 years? a. $4,077.43 b. $4,281.30 c. $3,883.27 d. $3,689.11 e. $4,
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Answer:

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Explanation:

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