4. Simple interest formula review: a. Ringo borrowed $3000 for 2 years at a 6% interest rate. i. How much interest will Ringo end up paying? The simple interest formula is I = Prt. i. How much, in total, will Ringo have to repay to his lender? b. Cynthia borrowed $5000 at a simple interest rate of 2.5% per year. After she paid everything back, she had paid $750 of interest. How many years did she take to repay the loan? c. Cynthia wants to borrow $5000 again, but she wants to pay less interest. What advice would you give Cynthia so that she could pay less interest?
4. Simple interest formula review: a. Ringo borrowed $3000 for 2 years at a 6% interest rate. i. How much interest will Ringo end up paying? The simple interest formula is I = Prt. i. How much, in total, will Ringo have to repay to his lender? b. Cynthia borrowed $5000 at a simple interest rate of 2.5% per year. After she paid everything back, she had paid $750 of interest. How many years did she take to repay the loan? c. Cynthia wants to borrow $5000 again, but she wants to pay less interest. What advice would you give Cynthia so that she could pay less interest?
Algebra and Trigonometry (6th Edition)
6th Edition
ISBN:9780134463216
Author:Robert F. Blitzer
Publisher:Robert F. Blitzer
ChapterP: Prerequisites: Fundamental Concepts Of Algebra
Section: Chapter Questions
Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...
Related questions
Question
Please answer all
Transcribed Image Text:4. Simple interest formula review:
a. Ringo borrowed $3000 for 2 years
at a 6% interest rate.
i. How much interest will Ringo end up paying?
The simple interest formula is I = Prt.
i. How much, in total, will Ringo have to repay to his lender?
b. Cynthia borrowed $5000 at a simple interest rate of 2.5% per year. After
she paid everything back, she had paid $750 of interest. How many
years did she take to repay the loan?
c. Cynthia wants to borrow $5000 again, but she wants to pay less interest.
What advice would you give Cynthia so that she could pay less
interest?
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 6 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, algebra and related others by exploring similar questions and additional content below.Recommended textbooks for you
Algebra and Trigonometry (6th Edition)
Algebra
ISBN:
9780134463216
Author:
Robert F. Blitzer
Publisher:
PEARSON
Contemporary Abstract Algebra
Algebra
ISBN:
9781305657960
Author:
Joseph Gallian
Publisher:
Cengage Learning
Linear Algebra: A Modern Introduction
Algebra
ISBN:
9781285463247
Author:
David Poole
Publisher:
Cengage Learning
Algebra and Trigonometry (6th Edition)
Algebra
ISBN:
9780134463216
Author:
Robert F. Blitzer
Publisher:
PEARSON
Contemporary Abstract Algebra
Algebra
ISBN:
9781305657960
Author:
Joseph Gallian
Publisher:
Cengage Learning
Linear Algebra: A Modern Introduction
Algebra
ISBN:
9781285463247
Author:
David Poole
Publisher:
Cengage Learning
Algebra And Trigonometry (11th Edition)
Algebra
ISBN:
9780135163078
Author:
Michael Sullivan
Publisher:
PEARSON
Introduction to Linear Algebra, Fifth Edition
Algebra
ISBN:
9780980232776
Author:
Gilbert Strang
Publisher:
Wellesley-Cambridge Press
College Algebra (Collegiate Math)
Algebra
ISBN:
9780077836344
Author:
Julie Miller, Donna Gerken
Publisher:
McGraw-Hill Education