3 years ago

Jack borrowed $ 4,000.00 and paid $ 585.00

Mathematics

1 answer:

nikitadnepr [17]3 years ago

7 0

Answer:

3.25%

Step-by-step explanation:

The formula for simple interest is I = PRT, where I = interest earned/paid, P = principal amount deposited or borrowed, R = rate of interest as a decimal, and T = time in years.

I = PRT

585 = (4000)(r)(4.5)

585 = 18,000r

r = 0.0325

Multiply by 100 to get the percentage

0.0325 = 3.25%

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