Would it be better to have a higher interest rate on a loan or on an investment? Explain.
1 answer:
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Answer:
5.5%
Step-by-step explanation:
To solve this problem we can use a modified version of the simple interest formula which is shown below:
<em>I = interest amount</em>
<em>P = principal amount</em>
<em>t = time (years)</em>
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The first step is to find the interest gained from the investment.
Next, plug in the values into the equation:
Multiply the bottom values
Divide the values
The last step is to convert 0.055 into a percent:
The interest rate is 5.5%
Answer: See the figure attached.
Step-by-step explanation:
1. To solve this exercise and locate the numbers shown in the problem on the number line, you can convert them from fractions to decimal numbers by dividing the numerator by the denominator. Therefore, you obtain:
10/3=3.33
17/3=5.66
2. Now, you can draw a number line (like the one shown in the figure attached) and locate the numbers as you can see in the image.
