A loan worth $1000 collects simple interest each year for 6 years. At the end of that time, a total of $1270 is paid back. Determine the per

Question

A loan worth $1000 collects simple interest each year for 6 years. At the end of that time, a total of $1270 is paid back. Determine the percentage rate for this loan?

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Trúc Chi 1 week 2021-07-22T23:39:15+00:00 1 Answers 7 views 0

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    2021-07-22T23:40:29+00:00

    Answer:

    The percentage rate is 4.5%

    Step-by-step explanation:

    The simple interest earned in this situation is $1270 – $1000, or $270.

    the simple interest formula is i =prt.

    Here, i = $270 = ($1000)(r)(6 yr).

                    $270

    Then r = ——————- = 0.045

                    $1000(6 yr)

    The percentage rate is 4.5%

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