/*! This file is auto-generated */ .wp-block-button__link{color:#fff;background-color:#32373c;border-radius:9999px;box-shadow:none;text-decoration:none;padding:calc(.667em + 2px) calc(1.333em + 2px);font-size:1.125em}.wp-block-file__button{background:#32373c;color:#fff;text-decoration:none} Q. 3.43 Sean鈥檚 new car loan statement ... [FREE SOLUTION] | 91影视

91影视

Log out

Learning Materials

Features

Discover

Chapter 3: Q. 3.43 (page 328)

Sean鈥檚 new car loan statement said he would pay $4866.25in interest from an interest rate of 8.5% over 5 years. How much did he borrow to buy his new car?

Short Answer

Expert verified

If Sean鈥檚 new car loan statement said he would pay $4866.25in interest from an interest rate of 8.5% over 5 years then $11450 he borrows to buy his new car?

Step by step solution

01

Step 1. Given information    

simple interestI=$4866.25

Interest rater=8.5%r=0.085

Timet=5

02

Step 2. Principal 

Consider the principal is P

Substitute simple interest, interest rate, and time in Simple interest formula

I=Prt4866.25=P(0.085)(5)4866.25=0.425P4866.250.425=PP=11450

So the principal was $11450.

03

Step 3. Verification  

Simple interest of principal $11450with interest rate 8.5% and time 5years is

I=PrtI=11450(0.085)(5)I=4866.25

simple interest is $4866.25

so the principal of $11450is correct.

Unlock Step-by-Step Solutions & Ace Your Exams!

  • Full Textbook Solutions

    Get detailed explanations and key concepts

  • Unlimited Al creation

    Al flashcards, explanations, exams and more...

  • Ads-free access

    To over 500 millions flashcards

  • Money-back guarantee

    We refund you if you fail your exam.

Over 30 million students worldwide already upgrade their learning with 91影视!

One App. One Place for Learning.

All the tools & learning materials you need for study success - in one app.

Get started for free

Most popular questions from this chapter

The perimeter of a rectangular swimming pool is 200 feet. The length is 40 feet more than the width. Find the length and width.

One number is six more than five times another. Their sum is six. Find the numbers.

Guillermo bought textbooks and notebooks at the bookstore. The number of textbooks was 3 more than twice the number of notebooks. He bought 7 textbooks. How many notebooks did he buy?

Cindy and Richard leave their dorm in Charleston at the same time. Cindy rides her bicycle north at a speed of 18miles per hour. Richard rides his bicycle south at a speed of 14miles per hour. How long will it take them to be 96miles apart?

Find three consecutive even integers whose sum is 222.
See all solutions

Recommended explanations on Math Textbooks

Decision Maths

Read Explanation

Applied Mathematics

Read Explanation

Calculus

Read Explanation

Theoretical and Mathematical Physics

Read Explanation

Probability and Statistics

Read Explanation

Discrete Mathematics

Read Explanation
View all explanations

What do you think about this solution?

We value your feedback to improve our textbook solutions.

Study anywhere. Anytime. Across all devices.