Asked by Betsy
What is the principle and the interest?
A=$2719.50 P= ? r=6.1% t=20 years
What is the interest rate?
Balance= $3742.50 p=$3000 interest rate= ? t=45 months
A=$2719.50 P= ? r=6.1% t=20 years
What is the interest rate?
Balance= $3742.50 p=$3000 interest rate= ? t=45 months
Answers
Answered by
Henry
Assuming simple Interest:
I = Po*r*t = 2719.50*0.061*20 = $3317.79
P = Po + I = 2719.50 + 3317.79=$6037.29.
P = Po + Po*r*t = $3742.50.
3000 + 3000*r*3.75 = 3742.50
3000 + 11250r = 3742.50
11250r = 3742.50-3000 = 742.50
r = 0.066 = 6.6%/yr.
I = Po*r*t = 2719.50*0.061*20 = $3317.79
P = Po + I = 2719.50 + 3317.79=$6037.29.
P = Po + Po*r*t = $3742.50.
3000 + 3000*r*3.75 = 3742.50
3000 + 11250r = 3742.50
11250r = 3742.50-3000 = 742.50
r = 0.066 = 6.6%/yr.
There are no AI answers yet. The ability to request AI answers is coming soon!
Submit Your Answer
We prioritize human answers over AI answers.
If you are human, and you can answer this question, please submit your answer.