If Sheila paid $797.50 in interest on a 5 year loan of $5,800 for her first car, what was the interest rate? (Make sure you've changed the decimal to a %)

Question

Simba

Mathematics

19 January, 19:45

If Sheila paid $797.50 in interest on a 5 year loan of $5,800 for her first car, what was the interest rate? (Make sure you've changed the decimal to a %)

+5

Answers (2)

Know the Answer?

Stella Bradshaw · Answer 1

5800 times 5 times x percent=797,50

x=797 divide by 5800 times 5 equals 797.5 divided by 29000=0,0275

=2,75 percent

Ariana · Answer 2

I = Prt

r = I/Pt

given

I = $797.50

P = $5,800

t = 5

so

r = I/Pt

r = 797.50 / (5,800 x 5)

r = 797.50 / 29,000

r = 0.0275

r = 2.75%

answer

r = 2.75%