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Yolo4mecuite
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!
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?
That's less than a cent. No way is he borrowing less than a cent from a bank and paying $102 interest on it.
Because you have to convert the rate to a decimal
I converted it to 0.0425
Okay Thanks guys! 😊