Concept explainers
To find: Simple interest rate.
Answer to Problem 16IP
Simple interest rate
Explanation of Solution
Given information:
Principal amount
Time
He will be paying
Concept:
Where
Calculation:
From given information
Principal amount
Time
We know
Using that
We can say
Time
He will be paying
Total amount he paid
Simple interest
On substituting values in above mentioned concept
We get
We know
Therefore,
To nearest cent, Simple interest rate
Chapter 6 Solutions
Glencoe Math Accelerated, Student Edition
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