Scott took out a 72 month

loan for $35,000 to purchase

a new boat. If Scott paid

$8,925 in simple interest,

What was the interest rate?

A) 3.5%

B) 4.25%

C) 4.5%

D) 4.75%

E) 5.1%

Question

Mathematics

Taylor Hurst

28 February, 17:59

Scott took out a 72 month

loan for $35,000 to purchase

a new boat. If Scott paid

$8,925 in simple interest,

What was the interest rate?

A) 3.5%

B) 4.25%

C) 4.5%

D) 4.75%

E) 5.1%

+4

Answers (1)

Know the Answer?

Atticus · Answer 1

B

Step-by-step explanation:

If we use the formula:

Simple interest (SI) = (principal*rate of interest*time in years) / 100, and we multiply SI by 100 ns then divide it by principle plus the time in years,

we will get 4.25 as the answer.

Scott took out a 72 monthloan for $35,000 to purchasea new boat. If Scott paid$8,925 in simple interest,What was the interest rate?A) 3.5%B) 4.25%C) 4.5%D) 4.75%E) 5.1%

Scott took out a 72 month

loan for $35,000 to purchase

a new boat. If Scott paid

$8,925 in simple interest,

What was the interest rate?

A) 3.5%

B) 4.25%

C) 4.5%

D) 4.75%

E) 5.1%