Use I=PRT (interest = principal x rate x time) for these problems. Solve
7. A loan of $6400 at 12.5% simple interest is to be repaid in 4 1/2 years. What is the total amount to be repaid?
I keep getting $3,600. Please show me how you got the answer. The back of the book says 10,000 as the answer.
8. A 6,500 automobile loan is to be repaid in 3 years. The total amount to be repaid is $9230. If the interest were simple interest, what would be the annual rate?
I got 47 1/2 %
Please show how you got the answer?
2007-02-07
13:59:43
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5 answers
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asked by
Anonymous
in
Mathematics