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sabine borrows $2300 for 36 months at a fixed rate of simple interest. at the end of the time, she owes $2748.50. what interest rate is she being charged

Respuesta :

Answer:

Rate of interest (R) = 6.5 % per year

Step-by-step explanation:

Given:

Amount borrow(P) = $2300

Amount (A) = $2748.50

Number of month(T) = 36 month = 3 year

Find:

Rate of interest (R)

Computation:

Simple interest (I) = Amount (A) - Amount borrow(p)

Simple interest (I) = $2748.50 - $2300

Simple interest (I) = $448.50

Simple interest (I) = PRT

$448.50 = ($2300)(R)(3)

0.065 = R

Rate of interest (R) = 6.5 % per year

The rate of interest that should be charged is 6.5%.

Given that,

  • sabine borrows $2300 for 36 months at a fixed rate of simple interest. at the end of the time, she owes $2748.50.

Based on the above information, the calculation is as follows:

Simple interest = Amount - Amount borrow

= $2748.50 - $2300

= $448.50

Now  

Simple interest  = PRT

$448.50 = ($2300)(R)(3)

0.065 = R

Learn more: brainly.com/question/17429689

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