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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 %)

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Answers (2)
  1. 19 January, 20:03
    0
    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
  2. 19 January, 20:13
    0
    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%
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