SOLUTION: To start a mobile dog-grooming service, a woman borrowed $2000. If the loan was for 2 years and the amount of interest was $124, what simple interest rate was she charged?
Algebra.Com
Question 897722: To start a mobile dog-grooming service, a woman borrowed $2000. If the loan was for 2 years and the amount of interest was $124, what simple interest rate was she charged?
Answer by jim_thompson5910(35256) (Show Source): You can put this solution on YOUR website!
Simple Interest
Interest = Principal*Rate*Time
I = P*r*t
124 = 2000*r*2
124 = 2000*2*r
124 = 4000*r
124/4000 = r
0.031 = r
r = 0.031
Convert 0.031 to a percentage: 0.031*100 = 3.1%
The simple interest rate is 3.1%
RELATED QUESTIONS
To start a mobile dog-grooming service, a woman borrowed $1,500. If the loan was for 2... (answered by Theo)
To start a mobile dog grooming service, a woman borrowed $3000. If the loan was for 2... (answered by solver91311,MathLover1)
To start a mobile dog-grooming service, a woman borrows $4,000. If the loan was for 2... (answered by josmiceli)
A company obtained two loans totaling $30,000. The interest rate for one loan was 16... (answered by mananth)
Mr. Jackson borrowed money from his bank and on his life insurance to start a business.... (answered by rfer)
A family borrowed $72,000 to buy a house. The loan was at 6.1% and for 25 years. The... (answered by math_tutor2020)
Pablo borrowed $900 from a credit union for 3 years and was charged simple interest at a... (answered by ikleyn)
If you take out a loan at 9% interest rate for 5 years, and the interest you ow is... (answered by ikleyn)
Student loans are a hot discussion topic today both in the news and at home. Those of us... (answered by solver91311)