hmoore2062 hmoore2062

04-03-2021
Mathematics

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Lily took out a 5-year loan from the bank for 31000.00 to purchase a new car. At the end of the loan, she paid a total of 37975. Find the interest rate on the loan.

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flaringcrystal flaringcrystal

04-03-2021

Answer:

24.5%

Step-by-step explanation:

Simple Interest = (principal×rate×time)÷100. *Brackets First*

Transpose the formula to make rate the subject: rate= (100×simple interest) ÷ (principal×time).

Plug in values: rate = (100×37975) ÷ (31000×5).

The result is 24.5%.

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