Quantcast

Got Homework?

Connect with other students for help. It's a free community.

  • across
    MIT Grad Student
    Online now
  • laura*
    Helped 1,000 students
    Online now
  • Hero
    College Math Guru
    Online now

Here's the question you clicked on:

55 members online
  • 0 replying
  • 0 viewing

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!

  • one year ago
  • one year ago

  • This Question is Closed
  1. wio
    Best Response
    You've already chosen the best response.
    Medals 1

    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?

    • one year ago
  2. Yolo4mecuite
    Best Response
    You've already chosen the best response.
    Medals 0

    0.00783?

    • one year ago
  3. wio
    Best Response
    You've already chosen the best response.
    Medals 1

    That's less than a cent. No way is he borrowing less than a cent from a bank and paying $102 interest on it.

    • one year ago
  4. Yolo4mecuite
    Best Response
    You've already chosen the best response.
    Medals 0

    No nvm 13.oo5

    • one year ago
  5. WhiiteRussian
    Best Response
    You've already chosen the best response.
    Medals 0

    Because you have to convert the rate to a decimal

    • one year ago
  6. wio
    Best Response
    You've already chosen the best response.
    Medals 1

    That looks better.

    • one year ago
  7. Yolo4mecuite
    Best Response
    You've already chosen the best response.
    Medals 0

    I converted it to 0.0425

    • one year ago
  8. Yolo4mecuite
    Best Response
    You've already chosen the best response.
    Medals 0

    Okay Thanks guys! 😊

    • one year ago
    • Attachments:

See more questions >>>

Your question is ready. Sign up for free to start getting answers.

spraguer (Moderator)
5 → View Detailed Profile

is replying to Can someone tell me what button the professor is hitting...

23

  • Teamwork 19 Teammate
  • Problem Solving 19 Hero
  • You have blocked this person.
  • ✔ You're a fan Checking fan status...

Thanks for being so helpful in mathematics. If you are getting quality help, make sure you spread the word about OpenStudy.

This is the testimonial you wrote.
You haven't written a testimonial for Owlfred.