SOLUTION: The principal is borrowed and the loans future value, A, at the time t is given. Determine the loans simple interest rate, to the nearest tenth of a percent.
P=$2000,A=$2150,t=1
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Question 187539: The principal is borrowed and the loans future value, A, at the time t is given. Determine the loans simple interest rate, to the nearest tenth of a percent.
P=$2000,A=$2150,t=1year
Answer by Mathtut(3670) (Show Source): You can put this solution on YOUR website!
A=P(1+rt)
:
2150=2000(1+r(1))
:
150=2000r
:
r=.075
:
.075(100)=7.5%
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