anonymous
  • anonymous
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
Mathematics
chestercat
  • chestercat
I got my questions answered at brainly.com in under 10 minutes. Go to brainly.com now for free help!
At vero eos et accusamus et iusto odio dignissimos ducimus qui blanditiis praesentium voluptatum deleniti atque corrupti quos dolores et quas molestias excepturi sint occaecati cupiditate non provident, similique sunt in culpa qui officia deserunt mollitia animi, id est laborum et dolorum fuga. Et harum quidem rerum facilis est et expedita distinctio. Nam libero tempore, cum soluta nobis est eligendi optio cumque nihil impedit quo minus id quod maxime placeat facere possimus, omnis voluptas assumenda est, omnis dolor repellendus. Itaque earum rerum hic tenetur a sapiente delectus, ut aut reiciendis voluptatibus maiores alias consequatur aut perferendis doloribus asperiores repellat.

Get this expert

answer on brainly

SEE EXPERT ANSWER

Get your free account and access expert answers to this
and thousands of other questions

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

Looking for something else?

Not the answer you are looking for? Search for more explanations.

More answers

anonymous
  • anonymous
3345.38=3300.00(1+r 3)
Jhannybean
  • Jhannybean
Thanks @jim_thompson5910 correction: t = 3 months / 12 months = # of years
anonymous
  • anonymous
I need help
DanJS
  • DanJS
this one?
anonymous
  • anonymous
yes
DanJS
  • DanJS
Basic Idea is for a loan in general Future Value = Current Value + Interest
DanJS
  • DanJS
Simple Interest is just the constant rate of increase per time and is Simple Interest = Current Value + Interest Rate * time in years
DanJS
  • DanJS
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)
DanJS
  • DanJS
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
DanJS
  • DanJS
A = P*(1+r*t) Putting in the numbers 3345.38 = 3300*[ 1 + r*(3/12)]
DanJS
  • DanJS
there is your rate you need, solve
anonymous
  • anonymous
3345.38=3300+2475
anonymous
  • anonymous
3345.38=5775
DanJS
  • DanJS
where did the rate go
anonymous
  • anonymous
that was .25*3
DanJS
  • DanJS
you are solving for the interest rate , r 3345.38 = 3300*[ 1 + r*(3/12)]
anonymous
  • anonymous
4125*r
anonymous
  • anonymous
4.055
DanJS
  • DanJS
looks good
DanJS
  • DanJS
that is a number, percents are , a number out of 100
anonymous
  • anonymous
I'm confused
DanJS
  • DanJS
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
DanJS
  • DanJS
sorry i typed it wrong last time , tha tis right
anonymous
  • anonymous
it says to round to the nearest tenth of percent
DanJS
  • DanJS
that value for r is a decimal, you have to make it a percent
anonymous
  • anonymous
5%?
DanJS
  • DanJS
yeah, to convert a decimal number to a percent, just multiply by 100, move decimal right 2 places... r = 5.5%
anonymous
  • anonymous
thank you
DanJS
  • DanJS
welcome

Looking for something else?

Not the answer you are looking for? Search for more explanations.