Ask Question
31 December, 03:20

You borrow $18,000 to buy a new car. You will pay $3,240 in simple interest at the end of 6 years. What is the annual interest rate on your purchase?.

+1
Answers (1)
  1. 31 December, 06:36
    0
    Simple Interest, I = PRT/100

    3240 = 18 000 * R * 6 / 100

    3240 = 180*R*6

    3240 / (180*6) = R Use your calculator

    3 = R

    The annual interest rate is 3%.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “You borrow $18,000 to buy a new car. You will pay $3,240 in simple interest at the end of 6 years. What is the annual interest rate on your ...” in 📘 Mathematics if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers