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Chapter 3: Q. 128 (page 334)

In the following exercises, solve.

Pablo borrowed \(50,000to start a business. Three years later, he repaid the \)50,000, plus $9,375 interest. What was the rate of interest?

Short Answer

Expert verified

The rate of interest for the amount of $50,000is 6.25%

Step by step solution

01

Step 1. Given Information

The principal,P=$50,000

Interest,I=9,375

Time,t=3 years

02

Step 2. Simple interest formula

Simple interest,I=Prt

Substitute the known values,

9375=50,000(r)(3)9375=1,50,000r

03

Step 3. Find r 

Solve the equation for r,

r=9,3751,50,000=0.0625

Write the rate of interest in percentage,

r=0.0625脳100=6.25%

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