anonymous
  • anonymous
What percentage interest rate is a loan that charges $100 in simple annual interest over 5 years on a $1000 balance? A.) 20% B.) 0.24% C.) 2% D.) 24%
Mathematics
  • Stacey Warren - Expert brainly.com
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SOLVED
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katieb
  • katieb
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anonymous
  • anonymous
What formula are you learning?
anonymous
  • anonymous
I = P r t ?
anonymous
  • anonymous
I don't remember seeing one? In my lesson

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anonymous
  • anonymous
What topic are you learning?
anonymous
  • anonymous
Simple Intrest
anonymous
  • anonymous
Interest*
anonymous
  • anonymous
So that's the right one!
anonymous
  • anonymous
Sorry :( I didn't remember seeing one
anonymous
  • anonymous
I guess they write: FV = P * r * t
anonymous
  • anonymous
Well, no matter what term, the idea of simple interest is the same: Interest rate r = Interest I / Principal P * time t = $ 100 / $ 1,000 * 5 yrs = 2%
anonymous
  • anonymous
Thank you so much!

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