anonymous
  • anonymous
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!
Mathematics
  • Stacey Warren - Expert brainly.com
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SOLVED
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jamiebookeater
  • jamiebookeater
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anonymous
  • anonymous
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?
anonymous
  • anonymous
0.00783?
anonymous
  • anonymous
That's less than a cent. No way is he borrowing less than a cent from a bank and paying $102 interest on it.

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anonymous
  • anonymous
No nvm 13.oo5
anonymous
  • anonymous
Because you have to convert the rate to a decimal
anonymous
  • anonymous
That looks better.
anonymous
  • anonymous
I converted it to 0.0425
anonymous
  • anonymous
Okay Thanks guys! 😊

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