Asked by Anonymous
The principal P is borrowed and the loan's future value, A, at time t is given. Determine the loan's simple interest rate, r, to the nearest tenth of a percent.
P=$130, A=171.60, T=4 years
P=$130, A=171.60, T=4 years
Answers
Answered by
Damon
171.6 = 130 + 4*130*r
41.6 = 520 r
r = .08 = 8%
41.6 = 520 r
r = .08 = 8%
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