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Kaylee obtains a loan with simple interest to buy a car that costs $8,500. If Kaylee pays $1,020 in interest during the four year term of the loan, what was the rate of simple interest

Respuesta :

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$1020 / 4 ( Years ) = $255

255 / 8500 = 0.03

0.03x100 = 3%

Given cost of car P= $8,500 ,Interest earned I=$1,020  Time T= 4 years. We need to find rate R%.

Simple Interest can be calculated by the formula I = PTR÷100.

Or, R= [tex]\frac{100 I }{PT}.[/tex]

R = [tex]\frac{(1020)(100)}{(8500)(4)}[/tex]

R= 102000÷34000

R=3

Rate of interest = 3%.


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