A 90-day simple interest loan in the amount of $2,350 will be paid in full in the amount of $2,500. Find the rate of the loan. O

Question

A 90-day simple interest loan in the amount of $2,350 will be paid in full in the amount of $2,500.
Find the rate of the loan.
O 26%
O 15 %
O4%
O 33%

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Jezebel 4 years 2021-08-11T05:38:23+00:00 1 Answers 12 views 0

Answers ( )

  1. Orla
    0
    2021-08-11T05:40:21+00:00
    Reply

    Answer:

      26%

    Step-by-step explanation:

    The amount due is …

      A = P(1 +rt)

      2500 = 2350(1 +r(90/360)) . . . . using ordinary interest

      2500/2350 -1 = r/4

      r = 12/47 ≈ 25.53% ≈ 26%

    The rate of the loan is about 26%.

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