At what rate does a payment plan for $1,500 accumulate $450 interest after 6 years?
1 answer:
Answer:
At a rate of 5%.
Step-by-step explanation:
This is a simple interest problem.
The simple interest formula is given by:
In which E is the amount of interest earned, P is the principal(the initial amount of money), I is the interest rate(yearly, as a decimal) and t is the time.
In this question:
Payment plan for $1500 means that
$450 interest after 6 years means that
We have to find the rate I. So
At a rate of 5%.
You might be interested in
Answer:
The answer is below
Step-by-step explanation:
From the graph, we can see that both segment 1 and segment 2 are positive slopes (as the time increases, the number of people increases)
Segment 1 is more steep than segment 2 (the number of people increases in segment 1 more than segment 2). This means that the number of people entering the arena in segment 1 was higher than the rate of people entering the arena in segment 2.
