b.
I=PRT/100
998.75=700*R*2.5/100
Solving for R:
R=998.75*100/(700*2.5)
R=7.18%
Therefore, the annual rate of interest earned is 7.18%.
c.
I=PRT
1875=7500*6/100*T
Solving for T:
T=1875/(7500*0.06)
T=5
Therefore, Patrick took a loan for 5 years.
use the formula I=PRT/100
b. Find the annual rate of interest carned K4 7O0 carns K998.75 simple interest
after 2.5 years
C. Patrick borrows K7 500 at 6 % simple interest per year for a number of years.
If he pays a totalof Kl 875 nterest how long was the loan?
1 answer
1 answer