Steve Marino borrowed $500 from his credit union for 2 years. The simple that he paid was $52.90. What simple interest rate was Jeff charged?

2 answers

Take the simple interest formula
I = PxRxT and solve it for R to get
R = I/(PT)
= 52.9/(500x2)
= .0529 or 5.29%
THANK YOU!
Similar Questions
  1. Pablo borrowed $900from a credit union for 3 years and was charged simple interest at a rate of 3% . What is the amount of
    1. answers icon 1 answer
  2. Pablo borrowed $900from a credit union for 3 years and was charged simple interest at a rate of 3% . What is the amount of
    1. answers icon 1 answer
  3. problem:Dena borrowed $7500 to buy a used car. The credit union charged 9%(percent it looks kind of funny) simple intrest per
    1. answers icon 2 answers
    1. answers icon 1 answer
more similar questions