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motikmotik
3 years ago
11

NEED HELP PLEASE! SOMEONE HELP ME ON THIS!

Mathematics
2 answers:
OleMash [197]3 years ago
8 0
Y would equal 16
Durian
xenn [34]3 years ago
3 0

Answer:

y=16

Step-by-step explanation:

I hope this helps :)

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My cousin borrowed $15,000 for a new car loan for 5 years. He told me that at the end of the loan, he had paid $21,000 for the i
Umnica [9.8K]
To solve this problem we are going to use the simple interest formula: A=P(1+rt)
where
A is the sum of the <span>interest and the principal
</span>P is the principal
r is the interest rate in decimal form 
t is the time in years
<span>
We know for our problem that </span>A=21000, P=15000, and t=5. Now, let x represents our interest rate. To express the interest rate in decimal form, we are going to divide the rate by 100%:
r= \frac{x}{100}
r=0.01.
Now that we have all the values we need, lets replace them in our simple interest formula to find the interest rate:
A=P(1+rt)
21000=15000[1+(0.01x)(5)]
\frac{21000}{15000} =1+0.05x
1+0.05x=1.4
0.05x=0.4
x= \frac{0.4}{0.05}
x=8

We can conclude that the interest rate of your cousin's loan was 8%.

4 0
3 years ago
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