SOLUTION: Alice took out a simple interest loan to purchase carpet for her house. The interest on the loan
was $1081.43. If the interest rate was 9.75% for 3 years, what was the price of th
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Question 1091438: Alice took out a simple interest loan to purchase carpet for her house. The interest on the loan
was $1081.43. If the interest rate was 9.75% for 3 years, what was the price of the carpet?
Found 2 solutions by Boreal, MathTherapy:
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
A=Ao(1.0975)^3
A, the amount paid for everything, carpet and interest,= Ao+1081.43
Therefore, Ao+1081.43=Ao(1.0975)^3=Ao*1.3219, but round at end.
Ao=1.3219Ao-1081.43
Ao-1.3219Ao=-1081.43
-0.3219 Ao=-1081.43
Ao=$3359.04.
check
3359.04(1.0975^3)=4440.47, which is $1081.43 interest.
Answer by MathTherapy(10552) (Show Source): You can put this solution on YOUR website!
Alice took out a simple interest loan to purchase carpet for her house. The interest on the loan
was $1081.43. If the interest rate was 9.75% for 3 years, what was the price of the carpet?
Correct answer:
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