soccerkid904 soccerkid904
  • 23-02-2018
  • Mathematics
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Find the annual interest rate.

I = $54, P = $900, t = 18 months

Respuesta :

mathmate
mathmate mathmate
  • 23-02-2018
For simple interest rate,
I=P(i)t
54=900(i)(18/12)
i=54/900*(12/18)=4% annually
Answer Link
Аноним Аноним
  • 27-09-2018

We have been given that

[tex]I = $54, P = $900, t = 18 \text{ months

}[/tex]

We know the formula,

[tex]I=Prt[/tex]

On substituting the given values, we get

[tex]54=900\cdot r\cdot \frac{18}{12}\\\\r=\frac{54\cdot 12}{900\cdot 18}\\\\r=\frac{1}{25}\\\\r=0.04\\\\r=4\%[/tex]

The annual rate interest is 4%

Answer Link

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