The total simple interest owed on a loan of $8,000.00 after 60 months is $1,280.00. What is the yearly interest rate on the loan
1 answer:
You might be interested in
Answer:
9
Step-by-step explanation:
<u>→You can use the Pythagorean Theorem to solve this, by plugging in the numbers, like so:</u>
<u />
<u>→Subtract </u><u> from both sides:</u>
<u>→Subtract 12x from both sides:</u>
<u />
<u>→Factor out x:</u>
<u />
<u>→Separate, set = to 0, and solve:</u>
<u /> → <u>Add 12 to both sides:</u>
→So we have 0 and 12, as our answers. However, we cannot have 0 as a side length, since this would not be possible.
→All we need to do is take 12, and plug it into the equation for the shortest leg.