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anonymous

  • one year ago

the principal P is borrowed and the loans future value A at a time t is given. determine the loans simple interest rate r to the nearest tenth of a percent. P=$3300.00 A=$3345.38 T=3months

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  1. anonymous
    • one year ago
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    @Jhannybean

  2. anonymous
    • one year ago
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    @DanJS

  3. Jhannybean
    • one year ago
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    Simple interest rate: \(A = P(1+rt)\) P = 3300.00 A = 3345.38 t = 3 Now reformat your problem so you're solving for \(r\)

  4. anonymous
    • one year ago
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    3345.38=3300.00(1+r 3)

  5. Jhannybean
    • one year ago
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    Thanks @jim_thompson5910 correction: t = 3 months / 12 months = # of years

  6. anonymous
    • one year ago
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    I need help

  7. DanJS
    • one year ago
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    this one?

  8. anonymous
    • one year ago
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    yes

  9. DanJS
    • one year ago
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    Basic Idea is for a loan in general Future Value = Current Value + Interest

  10. DanJS
    • one year ago
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    Simple Interest is just the constant rate of increase per time and is Simple Interest = Current Value + Interest Rate * time in years

  11. DanJS
    • one year ago
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    Using the variable names they give you , you get A = P + P*r*t you can just factor the P A = P(1+r*t)

  12. DanJS
    • one year ago
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    That is the idea of where that formula comes from, in the future, the loan will be valued as the current value plus interest... this is one of different interests

  13. DanJS
    • one year ago
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    A = P*(1+r*t) Putting in the numbers 3345.38 = 3300*[ 1 + r*(3/12)]

  14. DanJS
    • one year ago
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    there is your rate you need, solve

  15. anonymous
    • one year ago
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    3345.38=3300+2475

  16. anonymous
    • one year ago
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    3345.38=5775

  17. DanJS
    • one year ago
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    where did the rate go

  18. anonymous
    • one year ago
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    that was .25*3

  19. DanJS
    • one year ago
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    you are solving for the interest rate , r 3345.38 = 3300*[ 1 + r*(3/12)]

  20. anonymous
    • one year ago
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    4125*r

  21. anonymous
    • one year ago
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    4.055

  22. DanJS
    • one year ago
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    looks good

  23. DanJS
    • one year ago
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    that is a number, percents are , a number out of 100

  24. anonymous
    • one year ago
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    I'm confused

  25. DanJS
    • one year ago
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    3345.38 = 3300*[ 1 + r*(3/12)] 3345.38 = 3300 + 3300 * 0.25 * r 45.38 = 3300*0.25 * r 45.38 = 825*r r = 45.38/825 or about 0.055

  26. DanJS
    • one year ago
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    sorry i typed it wrong last time , tha tis right

  27. anonymous
    • one year ago
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    it says to round to the nearest tenth of percent

  28. DanJS
    • one year ago
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    that value for r is a decimal, you have to make it a percent

  29. anonymous
    • one year ago
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    5%?

  30. DanJS
    • one year ago
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    yeah, to convert a decimal number to a percent, just multiply by 100, move decimal right 2 places... r = 5.5%

  31. anonymous
    • one year ago
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    thank you

  32. DanJS
    • one year ago
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    welcome

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