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.
1 answer:
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%
You might be interested in
the answers for the number 4 are
8,12
and the answers for 7 are
14,21
The answer to your question is 6
The solution is 7/3. Sorry for no work, I can't think of how to explain it.
Answer:
x+9
Step-by-step explanation:
f(x) = x, going up 9
that is y=x, going up 9
if you wnat to go up, subtract 9 from y
y -9 = x
y=x+9
convert back to f(x)
f(x) = x+9
