The principal P is borrowed and the loan's future value A at time t is given. Determine the loan's simple interest rate r P=$3200 00, A=$3308 00, t= 9 months (Round to the nearest tenth of a percent as needed.)
The principal P is borrowed and the loan's future value A at time t is given. Determine the loan's simple interest rate r P=$3200 00, A=$3308 00, t= 9 months (Round to the nearest tenth of a percent as needed.)
Chapter9: Sequences, Probability And Counting Theory
Section: Chapter Questions
Problem 29RE: Alejandro deposits $80 of his monthly earnings into an annuity that earns 6.25% annual interest,...
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![The principal P is borrowed and the loan's future value A at time t is given. Determine the loan's simple interest rate r
P=$3200 00, A=$3308 00,t=9 months
(Round to the nearest tenth of a percent as needed.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4ad7eb80-2f17-4f74-8756-c353cd00da73%2F2a8fd6db-319d-4870-97ae-d772efbd9cf6%2Fgyflj99_processed.png&w=3840&q=75)
Transcribed Image Text:The principal P is borrowed and the loan's future value A at time t is given. Determine the loan's simple interest rate r
P=$3200 00, A=$3308 00,t=9 months
(Round to the nearest tenth of a percent as needed.)
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