Post a New Question

algebra interest word problem

posted by .

Steve Marino borrowed $500 from his credit union for 2 years. The simple that he paid was $52.90. What simple interest rate was Jeff charged?

  • algebra interest word problem -

    Take the simple interest formula
    I = PxRxT and solve it for R to get
    R = I/(PT)
    = 52.9/(500x2)
    = .0529 or 5.29%

  • algebra interest word problem -

    THANK YOU!

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. Pre-Algebra

    problem: Dena borrowed $7500 to buy a used car. The credit union charged 9%(percent it looks kind of funny) simple intrest per year. She paid $2025 in interest. For what period of time did she borrow the money. It would be 3 years. …
  2. Math

    Jared obtained a simple interest loan for 1200 at a credit union at an annual interest rate o f 5.5%. if Jared paid $1430 to repay the loan, for how many months, was the money borrowed ?
  3. Applied College Msthematics

    jennifer stemberg borrowed money to buy a car at 13.5% simple interest from her credit union. If the loan was repaid in 2 years and the amount of interest was $ 2,700, how much did jennifer borrow?
  4. Algebra

    Maybe that was to confusing...we have a data sheet to fill out - 2 questions with simple interest and 2 with compound interest. I just need the simple interest help: Prob. #1 Find the total amount if you deposit $500. at a rate of …
  5. Math

    Katie Chalmers borrowed money from her credit union at 13.2% simple interest to buy furniture. If the loan was repaid in 2½ years and the amount of interest was $1,320, how much did Katie borrow?
  6. math

    Katie Chalmers borrowed money from her credit union at 13.2% simple interest to buy furniture. If the loan was repaid in 2½ years and the amount of interest was $1,320, how much did Katie borrow?
  7. Maths

    Hamish borrowed $5000 for 3 years. He paid $1650 simple interest. What was the rate of interest per annum?
  8. Math

    Interest is a concept familiar to most people: every credit card in existence has a term called annual percentage rate (APR), which is an interest rate. Suppose you charged $1,000 to a credit card that has a minimum payment each month …
  9. Math

    Interest is a concept familiar to most people: every credit card in existence has a term called annual percentage rate (APR), which is an interest rate. Suppose you charged $1,000 to a credit card that has a minimum payment each month …
  10. Math

    Interest is a concept familiar to most people: every credit card in existence has a term called annual percentage rate (APR), which is an interest rate. Suppose you charged $1,000 to a credit card that has a minimum payment each month …

More Similar Questions

Post a New Question