Mario borrows $4800 for 8.5 years at a fixed rate of simple interest. At the end of that time, he owes $8000. What interest rate is he being charged?

Question

03-11-2016
Mathematics

contestada

Mario borrows $4800 for 8.5 years at a fixed rate of simple interest. At the end of that time, he owes $8000. What interest rate is he being charged?

Respuesta :

Otras preguntas

Esteban is filling a 30-gal gas tank at a rate of 10 gal per minute. What is the domain of the function that represents the volume of gas y in the tank after x

How is the new theory of addiction different from the old theory of addiction? Explain how drugs are different from natural reinforcers.

The Settlement House Movement began in____________ and came to the U.S. in 1886 with the opening of the University Settlement House in New York City. Americans

uses of manesium.......................................................................////////////////////////////////////////////////////?????????????????????

1. Find the possible values of r in the inequality 5 > r - 3. OA.r = 8. OB. r<2 OC.r=2 D. r<8

If Julian walks from his house to his school at a speed of 3 miles per hour he will be five minutes late for class. If he cycles to school at a speed of 10 mile

670 nm light shines through two slits that are separated by 0.3x10-3 m, and forms a striped pattern on a viewing screen. The fourth bright line on the viewing s

George owned some land that was taken by the state for building a new highway. George filed a suit. The state's action is of taking his property could be a viol

Determine the exact values of x for x^2 - 8x - 5 = 0 using COMPLETING THE SQUARE

I = 100 12J 5T 7S 5H where I is his income, J is the number of jeans he sells, T is the number of T-shirts he sells, S is the number of shorts he sells, H is th

ampofoeugenia7 ampofoeugenia7 · Answer 1 · 2016-11-13T16:52:13+01:00

The unknown is the interest rate.
The givens are the principal=$4800, time=8.5 years and amount=$8000(to find the interest, subtract the principal from the amount,$8000-$4800=$3200)so interest is $3200
The formula for finding rate is R=I*100/PT where R is rate, I is interest and P is principal and T is time.the 100 is there because R is a percentage.
R=$3200*100/$4800*8.5=7.8%(rounded to nearest tenth)
Therefore the interest rate is about 7.8%

andrew66666667 andrew66666667 · Answer 2 · 2020-05-06T23:53:01+02:00

Answer:

Step-by-step explanation

The unknown is the interest rate.

The givens are the principal=$4800, time=8.5 years and amount=$8000(to find the interest, subtract the principal from the amount,$8000-$4800=$3200)so interest is $3200

The formula for finding rate is R=I*100/PT where R is rate, I is interest and P is principal and T is time.the 100 is there because R is a percentage.

R=$3200*100/$4800*8.5=7.8%(rounded to nearest tenth)

Therefore the interest rate is about 7.8%