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Yolo4mecuite Group Title

Ryan borrowed money from the bank for 3 years. At the time the bank had an interest rate of 4.25%. He ended having to pay 102$ in interest. How much money did Ryan borrow. Show all work!

  • 2 years ago
  • 2 years ago

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  1. wio Group Title
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    Okay so here is the formula:\[\Large Interest = Principle \times {Rate} ^ {Time}\] We know Interest = $102, Rate = 4.25%, and Time = 3 years. So can you plug these into the formula and solve for Principle?

    • 2 years ago
  2. Yolo4mecuite Group Title
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    0.00783?

    • 2 years ago
  3. wio Group Title
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    That's less than a cent. No way is he borrowing less than a cent from a bank and paying $102 interest on it.

    • 2 years ago
  4. Yolo4mecuite Group Title
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    No nvm 13.oo5

    • 2 years ago
  5. WhiiteRussian Group Title
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    Because you have to convert the rate to a decimal

    • 2 years ago
  6. wio Group Title
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    That looks better.

    • 2 years ago
  7. Yolo4mecuite Group Title
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    I converted it to 0.0425

    • 2 years ago
  8. Yolo4mecuite Group Title
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    Okay Thanks guys! 😊

    • 2 years ago
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