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21 September, 06:21

Samantha asked for a loan from the bank of 4,500 plans to repay it in 4 years Samantha will have to repay it 900 of interest what is the simple interest rate

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Answers (2)
  1. 21 September, 06:32
    0
    5

    Step-by-step explanation:

    S. I is defined mathematically as

    [P x R xT]/100

    P - Principal amount borrowed

    R - the rate

    T - time duration

    S. I - simple interest [in this case 900]

    S. I = [4500 x R x 4]/100

    900 = [4500 x R x 4]/100

    900x100 = 4500 x 4 x R

    [900 x 100]/[4500 x 4] = R [by changing the subject of the formula to reflect R on the right side; you divide both sides by 4500 x 4]

    90000/18000 = 5

    5=R

    Rate = 5%
  2. 21 September, 06:35
    0
    Correct answer: r = 5%

    Step-by-step explanation:

    Given:

    L = 4,500 Loan

    t = 4 years time to repay

    I = 900 Interest

    r = ? simple interest rate

    The formula for calculating simple interest is:

    I = (L · r · t) / 100

    r = (I · 100) / L · t

    r = (900 · 100) / 4,500 · 4 = 90,000 / 18,000 = 5 %

    r = 5 %

    God is with you!
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