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Similar Question 1

<p>Jose borrows $1400 to buy a road racing bicycle. He repays the loan <code class='latex inline'>2</code> year later in the amount of <code class='latex inline'>\$1700</code>. What annual rate of simple interest was Jose charged?</p>

Similar Question 2

<p><strong>(a)</strong> Use algebraic reasoning to derive an equation to express the annual simple interest rate, <code class='latex inline'>r</code> in terms of the principal, <code class='latex inline'>P</code> , the amount, <code class='latex inline'>A</code>; and the time, <code class='latex inline'>t</code>, of a simple interest investment. </p><p><strong>(b)</strong> Use your formula from part (a) to determine the annual simple interest rate earned by an account that grows from $860 to $1000 in 3 years.</p>

Similar Question 3

<p>Sally has a balance of <code class='latex inline'>\$2845</code> on her credit card. What rate of simple interest is she being charged if she must pay <code class='latex inline'>\$26.19</code> interest for the 12 days her payment is late?</p>

Similar Questions

Learning Path

L1
Quick Intro to Factoring Trinomial with Leading a

L2
Introduction to Factoring ax^2+bx+c

L3
Factoring ax^2+bx+c, ex1

Now You Try

<p><strong>(a)</strong> Use algebraic reasoning to derive an equation to express the annual simple interest rate, <code class='latex inline'>r</code> in terms of the principal, <code class='latex inline'>P</code> , the amount, <code class='latex inline'>A</code>; and the time, <code class='latex inline'>t</code>, of a simple interest investment. </p><p><strong>(b)</strong> Use your formula from part (a) to determine the annual simple interest rate earned by an account that grows from $860 to $1000 in 3 years.</p>

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