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5 January, 17:55

Arthur borrowed $2,100 from the bank. 3 years later, Arthur owes the bank $2,478. What was the percentage rate of simple interest on the loan?

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Answers (2)
  1. 5 January, 18:03
    0
    Answer:12
  2. 5 January, 18:06
    0
    Percentage Rate=6%

    Step-by-step explanation:

    Total borrowed=$2,100

    Time=3 years

    Rate=?

    Total amount owed after 3 years = total borrowed + simple interest

    $2,478=$2,100 + x

    X=$2,478 - $2,100

    =$378

    The simple interest=$378

    Simple interest=P*R*T

    Where,

    P = principal=$2,100

    R=Rate=?

    T=Time=3 years

    Simple interest=$378

    Simple interest=P*R*T/100

    $378=$2,100*R*3/100

    $378=$6,300R/100

    $378=$63R

    R=$378/$63

    R=6

    Therefore,

    Rate=6%
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