Question
Stuart’s car loan reached a maturity value of $14001.00 after 3 years. Find the rate on Stuart’s loan if the principal he borrowed was $12474.00
Use the formula to find the interest; then use to find the rate in decimal form.
Leave your answer in percentage form rounded to two decimal places.
Use the formula to find the interest; then use to find the rate in decimal form.
Leave your answer in percentage form rounded to two decimal places.
Answers
Steve
12474(1+r)^3 = 14001.00
r = 0.039 = 3.9%
r = 0.039 = 3.9%