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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
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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Jhannybean
 one year ago
Best ResponseYou've already chosen the best response.1Simple interest rate: \(A = P(1+rt)\) P = 3300.00 A = 3345.38 t = 3 Now reformat your problem so you're solving for \(r\)

anonymous
 one year ago
Best ResponseYou've already chosen the best response.03345.38=3300.00(1+r 3)

Jhannybean
 one year ago
Best ResponseYou've already chosen the best response.1Thanks @jim_thompson5910 correction: t = 3 months / 12 months = # of years

DanJS
 one year ago
Best ResponseYou've already chosen the best response.1Basic Idea is for a loan in general Future Value = Current Value + Interest

DanJS
 one year ago
Best ResponseYou've already chosen the best response.1Simple Interest is just the constant rate of increase per time and is Simple Interest = Current Value + Interest Rate * time in years

DanJS
 one year ago
Best ResponseYou've already chosen the best response.1Using the variable names they give you , you get A = P + P*r*t you can just factor the P A = P(1+r*t)

DanJS
 one year ago
Best ResponseYou've already chosen the best response.1That 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

DanJS
 one year ago
Best ResponseYou've already chosen the best response.1A = P*(1+r*t) Putting in the numbers 3345.38 = 3300*[ 1 + r*(3/12)]

DanJS
 one year ago
Best ResponseYou've already chosen the best response.1there is your rate you need, solve

DanJS
 one year ago
Best ResponseYou've already chosen the best response.1you are solving for the interest rate , r 3345.38 = 3300*[ 1 + r*(3/12)]

DanJS
 one year ago
Best ResponseYou've already chosen the best response.1that is a number, percents are , a number out of 100

DanJS
 one year ago
Best ResponseYou've already chosen the best response.13345.38 = 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

DanJS
 one year ago
Best ResponseYou've already chosen the best response.1sorry i typed it wrong last time , tha tis right

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0it says to round to the nearest tenth of percent

DanJS
 one year ago
Best ResponseYou've already chosen the best response.1that value for r is a decimal, you have to make it a percent

DanJS
 one year ago
Best ResponseYou've already chosen the best response.1yeah, to convert a decimal number to a percent, just multiply by 100, move decimal right 2 places... r = 5.5%
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