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:
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Answer:
Step-by-step explanation:
We begin with the equation
In order to get x on the left side, we need to square root both sides. As we are taking the square root of each sides, one of the sides must have a ± added to it in order to make sure that both of the solutions are found.
±
We can then simplify this
±
And once more
±
Which means that our solutions are
You can look for a factor of a 3 or 5 within the values 16 and 24.
24 can be factored as 3*8.
So you can break up the 24 in that way before multiplying,
and then have the 3's divide evenly out,
leaving you with a simpler problem.
Is this what you were looking for perhaps?
24 can be factored as 3*8.
So you can break up the 24 in that way before multiplying,
and then have the 3's divide evenly out,
leaving you with a simpler problem.
Is this what you were looking for perhaps?