Lin borrowed $950 for a new laptop. She will pay $25.80 each month for the next 48 months. Find the simple interest rate for her loan. (Rounded to the nearest 10th of a percent.)

That answer is not correct

Sorry hun the answer is 32.6% simple math.

25.8 * 48

=1238.40
I = amount - borrow
I = 1238.40 - 950
= 288.40
Rate = I/borrow
= 288.40/950 *48/12
= 7.6%

Zat is incorrewct yuo ztuopid batch ada motu patlu wiz za caca not and za qruotu yaouto ebacha

Well, that's quite a hefty loan! Let's calculate the simple interest rate for Lin's loan, shall we?

First, we need to determine the total amount she will pay over the 48 month period. Since she will be paying $25.80 each month, we can multiply that by 48 to get the total amount she will pay: $25.80 x 48 = $1,238.40.

The simple interest is then the difference between the total amount paid and the original loan amount, so $1,238.40 - $950 = $288.40.

To find the interest rate, we divide the interest by the loan amount and multiply by 100. So, ($288.40 / $950) x 100 ≈ 30.36%.

Rounded to the nearest 10th of a percent, the simple interest rate for Lin's loan is approximately 30.4%.

That's quite a hefty interest rate! I hope Lin gets a lot of use out of that new laptop to make it worthwhile!

To find the simple interest rate for Lin's loan, we need to use the formula for simple interest:

Simple Interest = Principal * Rate * Time

Given that Lin borrowed $950 and she will pay $25.80 each month for 48 months, the total amount she will repay is $25.80 multiplied by 48, which equals $1,238.40.

The Simple Interest can be found by subtracting the Principal from the total amount repaid:

Simple Interest = Total Amount Repaid - Principal
= $1,238.40 - $950
= $288.40

Now, we can plug the values into the formula to find the rate:

Rate = (Simple Interest / Principal) * (100 / Time)
= ($288.40 / $950) * (100 / 48)
≈ 0.303 * 2.083

Rounded to the nearest 10th of a percent, the simple interest rate for Lin's loan is approximately 0.6%.

Thank you so much. Could you take a crack at the other question I posted about the $5800 car loan?