Jerry N.

asked • 11/02/20

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.

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​ = ​$3400.00​, A​ = ​$3472.25​, t​ = 3 months


______​% ​(Round to the nearest tenth of a​ percent.)

1 Expert Answer

By:

Sam Z. answered • 11/02/20

Tutor
4.3 (12)

Math/Science Tutor

Brenda D.

tutor
Question if t = 3 month then wouldn't t = 3/12 or 0.25 yr?
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11/02/20

Sam Z.

tutor
At 2.125%; at 3 months you'd be charged 2.125*3/12=.5312%.
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11/02/20

Sam Z.

tutor
What's the answer?????????? I couldn't do it any more simple. I'll try again; this time the $72 is for 3 months...... 2.125*4=8.5%.
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11/05/20

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