SOLUTION: Find the interest rate on a loan charging $5,344.80 in simple interst on a principal of $5,100 after eight years.
I am trying to use:
r=I/pt
? = 5344.80/5100*8
and I am gettin
Algebra.Com
Question 196344: Find the interest rate on a loan charging $5,344.80 in simple interst on a principal of $5,100 after eight years.
I am trying to use:
r=I/pt
? = 5344.80/5100*8
and I am getting: 0.131% which does not make any sense? Any help would be appreciated. However, 13.1% does if I am moving the decimal over one additional spot.
Answer by solver91311(24713) (Show Source): You can put this solution on YOUR website!
rate is a decimal fraction. You have to move the decimal point two places to the right to express it as a percentage. That's a good thing to remember when you are using a formula that requires rate as an input. 10% must go into the formula as 0.10.
John
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