SOLUTION: Mark and Brian are starting a new business. They borrowed $7,500 from their bank in order to help with start-up costs. If the loan had gained $1,845.00 after 36 months, what is

SOLUTION: Mark and Brian are starting a new business. They borrowed $7,500 from their bank in order to help with start-up costs. If the loan had gained $1,845.00 after 36 months, what is

Algebra.Com

Question 1191015: Mark and Brian are starting a new business. They borrowed $7,500 from their bank in order to help with start-up costs. If the loan had gained $1,845.00 after 36 months, what is the simple interest rate?

Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
I=prt
interest is 1845=7500*r*3 for 3 years
r=1845/3*7500=0.082 or 8.2%
RELATED QUESTIONS
Craig and Susan Miller had just returned from their honeymoon trip in the Whitsundays.... (answered by Fombitz)

Craig and Susan Miller had just returned from their honeymoon trip in the Whitsundays.... (answered by Fombitz)

raig and Susan Miller had just returned from their honeymoon trip in the Whitsundays.... (answered by Alan3354)

Craig and Susan Miller had just returned from their honeymoon trip in the Whitsundays.... (answered by Fombitz)

Marcus and Juan designed a cap for their racing club. The caps were such a hit, their... (answered by mukhopadhyay)

1.Marina had an accident with her car and the repair bill came to $800. She didn�t have... (answered by ikleyn)

Mr. Jackson borrowed money from his bank and on his life insurance to start a business.... (answered by rfer)

Mr. and Mrs. Kennedy borrowed $1,200 from their family for 9 months to invest in a small... (answered by friesr)

1- Aya and Harumi would like to buy a house and their dream house costs $500,000. They... (answered by Theo)