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The expression i/pt represents the rate of instrest being charged if a loan of p dollars for t years required i dollars in intrest to be paid find the intrest rate if a $690 loan for 3 years to buy a used personal computer requiers $151.11 in intrest to be paid

Respuesta :

isyllus

Answer:

7.3%

Step-by-step explanation:

Given:

Formula for Rate of interest [tex]R[/tex]:

[tex]R=\dfrac{i}{Pt}[/tex]

Where [tex]i[/tex] is the rate of interest.

[tex]P[/tex] dollars is the loan and

[tex]t[/tex] years is the time for which interest is to be paid

[tex]P =\$690\\t=3\ years\\i=\$151.11[/tex]

To find:

[tex]R=?[/tex]

Solution:

Putting the given values in the formula:

[tex]R=\dfrac{151.11}{690 \times 3}\\\Rightarrow R=\dfrac{151.11}{2070}\\\Rightarrow R=0.073[/tex]

Multiply the above value with 100 to find the percentage.

i.e.

[tex]R=0.073\times 100 = \bold{7.3\%}[/tex]

Therefore, the answer is 7.3%

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