Blake bought a new car. He borrowed $12,500 from the bank. After 4 years he had paid off the loan and paid $1500 in interest. What rate did he borrow at? Include the steps you used to solve the problem and your answer

Answers

Answer 1

Answer:

3%

Step-by-step explanation:

Blake bought a new car. He borrowed $12,500 from the bank. After 4 years he had paid off the loan and paid $1500 in interest. What rate did he borrow at?

This is a simple interest question

The formula to find the rate is given as:

Equation:

r = (1/t)(A/P - 1)

t = time = 4 years

P = Principal = $12500

I = Simple Interest = $1500

A = Total Amount = Principal + Simple Interest = $12500 + $1500

= $14000

Calculation:

Solving our equation:

r = (1/4)((14000/12500) - 1) = 0.03

r = 0.03

Converting r decimal to R a percentage

R = 0.03 * 100 = 3%/year


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X is a 90 degree angle so x equals half of 90 which is 45
X= 45
Since x is 45 the other angle on the other side is 45
Every triangle equals 180 so you take 45+45 to get 90 and subtract that from 180 and get 90
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Answer:

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Step-by-step explanation:

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