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2 years ago

5

You borrow $18,000 to buy a new car. You will pay $3,240 in simple interest at the end of 6 years. What is the annual interest r

ate on your purchase? Use the formula: I = Prt.

1 answer:

sergeinik [125]2 years ago

4 0

I = PRT/100
3240 = 18 000 * R * 6 /100
3240 = 180*R*6
3240 / (180*6) = R
3 = R
so the rate will be 3%.

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