Concept explainers
To find: the simple interest rate for his car loan.
Answer to Problem 16PPS
The simple interest rate is
Explanation of Solution
Given information:
Thomas borrowed $4800 to buy a new car. He will be paying $96 each month for the next 60 months.
Calculation:
Use the formula
First find the amount of interest she will pay
The principal is $4800. So
Hence, the simple interest rate is
Chapter 7 Solutions
Pre-Algebra Student Edition
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