The expression I/pt represents the rate of interest being charged if a loan of P dollars for T years in the interest to be paid. Find the rate if a $520 loan for 3 years to buy a used personal computer requires $96.72 in interest to b paid

Question

Turner

Mathematics

21 April, 07:29

The expression I/pt represents the rate of interest being charged if a loan of P dollars for T years in the interest to be paid. Find the rate if a $520 loan for 3 years to buy a used personal computer requires $96.72 in interest to b paid

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Cailyn Bell · Answer 1

I = PRT

I/PT = R

I = 96.72

P = 520

T = 3

now we sub

I/PT = R

96.72 / (520) (3) = R

96.72 / 1560 = R

0.062 ... turn to a percent by multiplying by 100 = 6.2% = R