coldcrafteffects
Calculators
General
Algebra
Geometry
Coordinate-geometry
Statistics
Calculus
Qna
Math
coldcrafteffects
coldcrafteffects
Home
General
Algebra
Geometry
Coordinate-geometry
Statistics
Calculus
Qna
Math
MATH SOLVE
Home
General
Mason took out an $800 loan from the bank. At the end of 5 years, he pays back the principal, plus...
4 months ago
Q:
Mason took out an $800 loan from the bank. At the end of 5 years, he pays back the principal, plus $120 simple interest. What was the interest rate? PLZ HELP ME
Accepted Solution
A:
Simple interest=principal×rate×time
I=prt
Simple interest=120
Time=5
Principal=800
120=(800)(5)r
120=4000r
120/4000=4000/4000r
3/100=r
3%=r
Rate=3%