The principal P is borrowed and the loan's future value A at time t is given. Determine the loan's simple interest rate r.
1 answer:
A = P + SI
A-P = SI
5425-5000 = 425
THEREFORE THE SIMPLE INTRESTE IS $425
SI = PTR/100
425 = 5000×1×R/100
425×100/5000×1=R
425×100÷5,000×1 = 8.5%
THEREFORE THE RATE IS 8.5%
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