en

English

Español

Português

Français

Deutsch

Italiano

Русский

中文(简体)

한국어

日本語

Tiếng Việt

עברית

العربية

Popular >

Maria borrowed 15,000. She repaid the loan in full at the end of 3 years with a lump sum of 18,500. What annual flat interest rate was she charged?

Solution

Maria borrowed 15, 000. She repaid the loan in full at the end of 3 years with a lump sum of 18, 500. What annual flat interest rate was she charged?

Solution

Rate : 7.77777 \dots %

Solution steps

Translate the problem into an equation:

18500 = 15000 (1 + r \cdot 3)

Solve for

r, 18500 = 15000 (1 + r \cdot 3) : r = 7.77777 \dots %

Rate : 7.77777 \dots %

Popular Examples

the sum of two consecutive even integers is 174 Fifteen more than 3 times a number is 45. Find the number The product of two consecutive positive integers is 5 more than five times the smallest integer. Find the value of the larger integer.Adam went shopping for a new pair of pants because of a sale. The store was offering a 50% discount. If the price on the tag was 32, what would be the price after the discount but before tax, to the nearest dollar and cent?The area of a circle is 0.5024 square millimeters. What is the circle's circumference?