Question

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

Answer 1

@Jhannybean

Answer 2

@DanJS

Answer 3

Simple interest rate: \(A = P(1+rt)\)

P = 3300.00

A = 3345.38

t = 3

Now reformat your problem so you're solving for \(r\)

Answer 4

3345.38=3300.00(1+r 3)

Answer 5

Thanks @jim_thompson5910

correction: t = 3 months / 12 months = # of years

Answer 6

I need help

Answer 7

this one?

Answer 8

yes

Answer 9

Basic Idea is for a loan in general

Future Value = Current Value + Interest

Answer 10

Simple Interest is just the constant rate of increase per time and is

Simple Interest = Current Value + Interest Rate * time in years

Answer 11

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)

Answer 12

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

Answer 13

A = P*(1+r*t)

Putting in the numbers
3345.38 = 3300*[ 1 + r*(3/12)]

Answer 14

there is your rate you need, solve

Answer 15

3345.38=3300+2475

Answer 16

3345.38=5775

Answer 17

where did the rate go

Answer 18

that was .25*3

Answer 19

you are solving for the interest rate , r

3345.38 = 3300*[ 1 + r*(3/12)]

Answer 20

4125*r

Answer 21

4.055

Answer 22

looks good

Answer 23

that is a number, percents are , a number out of 100

Answer 24

I'm confused

Answer 25

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

Answer 26

sorry i typed it wrong last time , tha tis right

Answer 27

it says to round to the nearest tenth of percent

Answer 28

that value for r is a decimal, you have to make it a percent

Answer 29

5%?

Answer 30

yeah, to convert a decimal number to a percent, just multiply by 100, move decimal right 2 places...

r = 5.5%

Answer 31

thank you

Answer 32

welcome