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xenn [34]
3 years ago
14

David borrowed $30,000 to start a business. Four years later he repaid $1260 in interest. What was the annual rate? Round to two

decimal places.
Mathematics
1 answer:
ollegr [7]3 years ago
5 0
Annual rate = 1.05%

Simple interest formula is I = Prt * 100
Where P is principle, I is interest, r is rate and t is time.

Transpose to make r the subject

Prt * 100 = I
r = I/ Pt * 100

Substitute values into the equation.
Let I = $1260, P = $30,000 and t = 4 years

r = $1260/ $30,000 * 4 * 100
r = 0.0105 * 100
r = 1.05%
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2 years ago
Solve the following quadratic equation by the square root method. (Y-9)^2=64
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Please note that you must include ±. This is because the square root of 64 can be either positive or negative, as a square of either a positive or negative number is positive.

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8 0
3 years ago
A used automobile dealership recently reduced the price of a used compact car by 6%. If the price of the car before discount was
Alchen [17]

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