Question

Mr.Jerome borrowed $126000 from a bank for 5 years and paid $17000 simple interest, calculate the rate percent per annum that he had to pay the bank.

Answer 1

Given : Mr.Jerome borrowed $126000 from a bank for 5 years and paid $17000 simple interest,

To Find : the rate percent per annum that he had to pay the bank.

Solution:

P = 126000 $

R = ?

T = 5

SI  = 17000 $

SI = P * R  * T /100

=> 17000 = 126000 * R * 5 / 100

=> 17000 = 1260 * 5 * R

=> 17000 = 6300R

=> 170 = 63R

=> R = 170/63

=> R  = 2.698  %  

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