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26 July, 03:08

The expression I/pt represents the rate of interest being charged if a loan of P dollars for T years in the interest to be paid. Find the rate if a $520 loan for 3 years to buy a used personal computer requires $96.72 in interest to b paid

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  1. 26 July, 05:51
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    I = PRT

    I/PT = R

    I = 96.72

    P = 520

    T = 3

    now we sub

    I/PT = R

    96.72 / (520) (3) = R

    96.72 / 1560 = R

    0.062 ... turn to a percent by multiplying by 100 = 6.2% = R
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