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Chapter 3: Q. 127 (page 334)

In the following exercises, solve.

Lebron loaned his daughter \(20,000to help her buy a condominium. When she sold the condominium four years later, she paid him the \)20,000, plus $3000 interest. What was the rate of interest?

Short Answer

Expert verified

The rate of interest for the amount of $20,000 is 3.75%

Step by step solution

01

Step 1. Given Information

The principal,P=$20,000

Interest,I=$3000

Time,t=4 years

02

Step 2. Simple interest formula

Simple interest, I=Prt

Substitute the known values,

3,000=20,000(r)(4)3000=80,000r

03

Step 3. Find r 

Solve the equation for r,

r=300080,000=0.0375

Write the rate of interest in percentage,

r=0.0375脳100=3.75%

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