Suppose that you borrow $3000.00 from a friend and promise to pay back $4755.00 in 3 years. What simple interest rate will you pay?
Suppose that you borrow $3000.00 from a friend and promise to pay back $4755.00 in 3 years. What simple interest rate will you pay?
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
Related questions
Question
Suppose that you borrow
$3000.00
from a friend and promise to pay back
$4755.00
in
3
years. What simple interest rate will you pay?
Expert Solution
Step 1
It is given that the principal is 3000, balance is 4755 and time is 3 years.
The formula to evaluate the simple interest is , where is the principal, is the interest amount, is the time and is the rate of interest.
The balance amount is given by .
Therefore, .
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Recommended textbooks for you
Advanced Engineering Mathematics
Advanced Math
ISBN:
9780470458365
Author:
Erwin Kreyszig
Publisher:
Wiley, John & Sons, Incorporated
Numerical Methods for Engineers
Advanced Math
ISBN:
9780073397924
Author:
Steven C. Chapra Dr., Raymond P. Canale
Publisher:
McGraw-Hill Education
Introductory Mathematics for Engineering Applicat…
Advanced Math
ISBN:
9781118141809
Author:
Nathan Klingbeil
Publisher:
WILEY
Advanced Engineering Mathematics
Advanced Math
ISBN:
9780470458365
Author:
Erwin Kreyszig
Publisher:
Wiley, John & Sons, Incorporated
Numerical Methods for Engineers
Advanced Math
ISBN:
9780073397924
Author:
Steven C. Chapra Dr., Raymond P. Canale
Publisher:
McGraw-Hill Education
Introductory Mathematics for Engineering Applicat…
Advanced Math
ISBN:
9781118141809
Author:
Nathan Klingbeil
Publisher:
WILEY
Mathematics For Machine Technology
Advanced Math
ISBN:
9781337798310
Author:
Peterson, John.
Publisher:
Cengage Learning,
