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Suppose that you borrow ​$4000 from a friend and promise to pay back ​$5520 in 2 years. What simple interest rate will you​ pay?

Respuesta :

Answer:

19%

Step-by-step explanation:

R = 19%/year

Equation:

r = (1/t)(A/P - 1)

r = (1/2)((5520/4000) - 1) = 0.19

r = 0.19

Converting r decimal to R a percentage

R = 0.19 * 100 = 19%/year

The interest rate required to get a total amount, principal plus interest, of $5,520.00 from simple interest on a principal of $4,000.00 over 2 years is 19% per year.

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Answer:

[tex] i = prt[/tex]

Step-by-step explanation:

use this formula.

  • i: interest (5520-4000)
  • p: principal ($4000)
  • let r be x (your unknown)
  • t: time (2 years)

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