SOLUTION: a principal of $1800 is borrowed over 9 months. The future value is $1910. Determine the loan's simple interest rate.
Algebra.Com
Question 964375: a principal of $1800 is borrowed over 9 months. The future value is $1910. Determine the loan's simple interest rate.
Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
I=Prt
r=I/(Pt)
r=110/(1800*3/4)
r=110/1350
r=0.08=8%
RELATED QUESTIONS
The principal P is borrowed and the loan's future value A at time t is given.... (answered by mananth)
The principal P is borrowed and the loan's future value A at time t is given.... (answered by ewatrrr,ikleyn)
1st question:
The principal P is borrowed at a simple interest rate r for a period of (answered by ikleyn)
The principal P is borrowed and the loan's future value A at time t is given.... (answered by ewatrrr,ikleyn)
The principal P is borrowed at a simple interest rate r for a period of time t. Find... (answered by math_tutor2020)
The principal P is borrowed at a simple interest rate r for a period of time t. Find... (answered by ikleyn)
The principal is borrowed and the loans future value, A, at the time t is given.... (answered by Mathtut)
Find the annual simple interest rate of a loan, where $800 is borrowed and where $832 is... (answered by colliefan)
the future value of a simple interest investment is given by S = P(1+rt). What principal (answered by solver91311)