Question

A person took a loan of 10,000 at x% simple interest and after 5 years he pays total 14,250

Answer 1

Step-by-step explanation:

Answer:

R = 8.5%/year

Equation:

r = (1/t)(A/P - 1)

Calculation:

Solving our equation:

r = (1/5)((14250/10000) - 1) = 0.085

r = 0.085

Converting r decimal to R a percentage

R = 0.085 * 100 = 8.5%/year

The interest rate required to get a total amount, principal plus interest, of $14,250.00 from simple interest on a principal of $10,000.00 over 5 years is 8.5% per year.

Answer 2

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