SOLUTION: Angela borrowed $16200.00 for 5 years and earned $1928.00 in interest. What was the rate of Angela’s loan? Use the formula r=frac(I,P×t). Leave your answer in percentag

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: Angela borrowed $16200.00 for 5 years and earned $1928.00 in interest. What was the rate of Angela’s loan? Use the formula r=frac(I,P×t). Leave your answer in percentag      Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


    

Question 824289: Angela borrowed $16200.00 for 5 years and earned $1928.00 in interest. What was the rate of Angela’s loan?
Use the formula r=frac(I,P×t).
Leave your answer in percentage form rounded to two decimal place
Answer by jim_thompson5910(35256) About Me  (Show Source):
You can put this solution on YOUR website!
r+=+I%2F%28Pt%29

r+=+1928%2F%2816200%2A5%29

r+=+0.0238024691358

That turns into 2.38024691358% which rounds to 2.38% which is the final answer