SOLUTION: douglas borrowed $1000 from patricia. he agreed to repay her $1150 after 3 years. what was te interest rate of the loan?
Algebra.Com
Question 947359: douglas borrowed $1000 from patricia. he agreed to repay her $1150 after 3 years. what was te interest rate of the loan?
Answer by 428225(90) (Show Source): You can put this solution on YOUR website!
Therefore the interest rate was 15%, because you have to multiply $1000 by 1.15 (an increase of 15%) to get $1150.
RELATED QUESTIONS
if paul borrowed $1000 and took 5 years to repay the loan and $1800 interest. what was... (answered by amarjeeth123)
This is a second submittal for the first problem. Adding the second problem in this... (answered by ikleyn)
Sophie borrowed $2000 and took 3 years to repay the loan and $900 interest.
a)What was... (answered by Theo)
Two years ago, Ben borrowed $150 from his brother to buy a CD player. He agreed to pay... (answered by Alan3354)
matthew borrowed $24,000 dollars to buy a new truck. after 5 years,he paid $7,500 in... (answered by mananth)
matthew borrowed $24,000 dollars to buy a new truck. after 5 years,he paid $7,500 in... (answered by mananth)
Mr. Smith borrowed $28,000 to purchase stock for his baseball card shop. He repaid (answered by josmiceli)
Linda borrowed $1000 from her friend and agreed to repay her in a year with 5% intrest.... (answered by stanbon)
Pablo borrowed $900 from a credit union for 3 years and was charged simple interest at a... (answered by ikleyn)