MATH SOLVE

2 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%

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%