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27 March, 00:32

Find the interest rate on a loan charging $855 simple interest on a principal of $3750 after 6 years.

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  1. 27 March, 01:32
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    3.8%

    Step-by-step explanation:

    Simple interest formula is I=P*R*T

    where:

    I=interest

    P=principal

    R=rate

    T=time.

    So let's plug in our information we are given:

    I=855

    P=3750

    T=6

    R=?.

    The equation becomes 855=3750*R*6.

    Multiplication is commutative so we could write this as 3750*6*R=855.

    After the multiplication of 3750 and 6 we obtain 22500*R=855.

    Now we just divide both sides by 22500. This will give us:

    R=855/22500 which when entered into the calculator as 855 division sign 22500 gives us 0.038 or 3.8%.
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