Question

Scott, took out a 72 month loan for 95,000 purchase a new boat, If Scott paid $8,925 in simple interest, what, was the interest, rate?

Answer 1

Help me out!!!!!!

Answer 2

@jhonyy9

Answer 3

\[P=A(1+r)^t\]
simple interest formula
t (in years)
A = initial
r = rate (find this)
P = final

Answer 4

@jhonyy9

Answer 5

so how i see @darkknight gave to you above the needed formula from what you need calcule the value of r

have you tried it ?

Answer 6

?

Answer 7

any idea how you get the r from this formula ?

Answer 8

student is offline, but to solve for r, divide both sides by A, , use logs to get rid of the t in the exponent and then you can solve for r

Answer 9

exactly - but before you come here i ve saw - thought - the student who posted the problem

Answer 10

\(\color{#0cbb34}{\text{Originally Posted by}}\) @darkknight
student is offline, but to solve for r, divide both sides by A, , use logs to get rid of the t in the exponent and then you can solve for r
\(\color{#0cbb34}{\text{End of Quote}}\)
Thank you sm

Answer 11

np, feel free to click best response (your choice) and have a nice day!

Answer 12

\(\color{#0cbb34}{\text{Originally Posted by}}\) @darkknight
np, feel free to click best response (your choice) and have a nice day!
\(\color{#0cbb34}{\text{End of Quote}}\)
I did!

Answer 13

ty

Answer 14

most versoza wants to compare simple and compound interest on a 3,500 pesos investment for three years find the interest if one's current 6.5% simple interest annually find the interest if found in 6.5% interest compounded annually find the difference between the two interest

Help me plssss