A=P (1 + rt)
If I want to remodel my home but cannot do it unless I borrow $5700 from the bank, at the end of 4 month loan period my new loan balance becomes $5956.
What was the simple yearly interest rate (as a percent)?
What was the simple yearly interest rate (as a percent)?
aLMOST!
It should be: 5956=5700(1 + rate times 4/12) 4 months out of 12 months is reduced to 1/3. Next,
5956 = 5700(1 + r x 1/3)
subtract 5700 on both sides
256 = 5700r divided by 3
multiply both sides by 3
768 = 5700r
divide both sides by 5700
r = 0.13474 or change to a percent as r = 13.47%
It should be: 5956=5700(1 + rate times 4/12) 4 months out of 12 months is reduced to 1/3. Next,
5956 = 5700(1 + r x 1/3)
subtract 5700 on both sides
256 = 5700r divided by 3
multiply both sides by 3
768 = 5700r
divide both sides by 5700
r = 0.13474 or change to a percent as r = 13.47%
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