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lutik1710 [3]
3 years ago
13

On a loan of $4,500 for 2 1/2 years at 4% per year, how much do you wind up paying to pay off the loan?

Mathematics
1 answer:
Strike441 [17]3 years ago
8 0
4/100= x/4,500
18,000/100= $180x2.5 = $450
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Answer:

7.3%

Step-by-step explanation:

Given:

<em>Formula for Rate of interest </em>R:

R=\dfrac{i}{Pt}

Where i is the rate of interest.

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P =\$690\\t=3\ years\\i=\$151.11

To find:

R=?

Solution:

Putting the given values in the formula:

R=\dfrac{151.11}{690 \times 3}\\\Rightarrow R=\dfrac{151.11}{2070}\\\Rightarrow R=0.073

Multiply the above value with 100 to find the percentage.

i.e.

R=0.073\times 100 = \bold{7.3\%}

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Step-by-step explanation:

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Darya [45]

Answer:

see the explanation

Step-by-step explanation:

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