Using the simple interest formula, it is found that the APR for the loan is of 4.472%.
<h3>What is the simple interest formula and when it is used?</h3>
Simple interest is used when there is a single compounding per time period.
The amount of money after t years in is modeled by:
In which:
- A(0) is the initial amount.
- r is the interest rate, as a decimal.
The parameters for this problem are:
A(t) = 6 x 511.18 = 3067.08, A(0) = 3000, t = 0.5.
We solve the equation for r to find the APR.
1 + 0.5r = 1.02236
r = (1.02236 - 1)/0.5
r = 0.04472.
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We use a system of equations to solve this. Since tri city sells 4 times it becomes 4x and solly company is x. Then we do 4x-x=96. 3x=96. x=32. We are not finished yet. We still have to multiply x by 4. x=128. Tri City sold 128 dishwashers.
Answer:
Step-by-step explanation:
we know that
The simple interest formula is equal to
where
A is the Final Investment Value
P is the Principal amount of money to be invested
r is the rate of interest
t is Number of Time Periods
in this problem we have
substitute in the formula above
Answer:
ummm i dont have enough information
Step-by-step explanation:
Answer:
9
Step-by-step explanation:
4*9-11= 36 -11 = 25
