Nicolas Cage borrowed $3,456 from his nephew to fund his new movie. Eight months later, he paid back his nephew $4,567. Determine the annual interest rate to the nearest tenth of a percent that Nicolas Cage paid on the loan

Nicolas Cage borrowed $3,456 from his nephew to fund his new movie. Eight months later, he paid back his nephew $4,567. Determine the annual interest rate to the nearest tenth of a percent that Nicolas Cage paid on the loan

Intermediate Algebra

19th Edition

ISBN:9780998625720

Author:Lynn Marecek

Publisher:Lynn Marecek

Chapter2: Solving Linear Equations

Section2.2: Use A Problem Solving Strategy

Problem 2.53TI: Eduardo noticed that his new car loan papers stated that with a 7.5% simple interest rate, he would...

See similar textbooks

Related questions

Q: The Goodman family is dining at Cathy's Cafe. The subtotal of their meal is $84.50. If they left a…

Q: Miguel purchased a hot tub costing $5,010 by taking out an installment loan. He made a down payment…

A: Cost of hot tub=$5,010 Down payment=$1,300 hence the loan amount=$(5030-1300)=$3730 Payment each…

Q: The cost to repair a car after a collision was $3,800. The automobile insurance policy paid the…

Q: What was the interest rate on a 2-year loan of $500 if the simple interest paid was $120 type your…

A: In this question we are given with principal and interest paid for 2 years and we have to find the…

Q: A man working on commission makes $220 for selling $5,600 worth of merchandise. What is his…

A: Solution: The objective is to find the commission rate

Q: Find the discount if $2,000 is discounted for 6 months at 8% discount rate.

Q: Miguel purchased a hot tub costing $5,010 by taking out an installment loan. He made a down payment…

Q: tammy deposited $2000 into an account that paid 4% interest per year and $6000 into an account that…

A: Tammy deposited $2000 into an account that paid 4% interest per year and $6000 into an account that…

Q: What is the rate of return when 40 shares of Stock A, purchased for $15/share, are sold for $690?…

Q: the

Q: Moira borrowed $8,700 from her grandfather to pay for her first year of college. Five years later,…

Q: The selling price for a fax machine is $349.67. What percent of the sale price is the markup, if the…

A: We have to find percentage

Q: Moira borrowed $3,500 from her grandfather to pay for her first year of college. Four years later,…

Q: Bianca deposited $1500 into a savings account for which simple interest is calculated quarterly. If…

A: Let the yearly interest rate that Bianca get in her account be : R % Given: Principal deposit: P =…

Q: Sammy wants to buy a house that is priced at $120,000 on the marker. He wants to put 10% down as a…

A: Price of house = $120,000 Down payment = 10% of the house price.

Q: Last year a laptop sold for$1600. Due to higher demand, the laptop sells for $1695. What percent…

A: Given: Original price is 1600. The new price is 1695. The increase in price is 1695-1600 =95.

Q: A car dealer will sell you the $16,750 car of your dreams for $3,290 down and payments of $333.97…

A: Consider the given information as, P=16750$, t=48 month=4yr

Q: Elsa borrowed $9000 from a bank for 4 years and was charged for simple interest. The total interest…

Q: MIKE DEPOSITED ON MARCH 12, 2020 AT 10.5% SIMPLE INTEREST. ON SEPTEMBER 8, THE FUND ACCUMULATED TO…

A: Given- Mike deposited on March 12, 2020 at 10.5% simple interest. On September 8, the fund…

Q: In 25 years, a bond with a 4.75% annual interest rate earned $2,375 as interest. What was the…

A: Given Annual Rate R=4.75%Time T=25 yearSimple interest SI=$ 2375find principal amount p=?simple…

Q: Each month, Carl’s student loan and credit card payments are $800. Carl’s monthly take-home pay is…

Q: Tabitha had to pay her friend $1,200, 4 months ago and he has to pay $670 in 4 months. If her friend…

Q: Margo makes $82,000 every year. If she spends $24,000 on rent each year, what percent of Margo’s…

Q: What was her total return on this investment

A: Given: Rosa pays $17,500 for shares in a new company. That means, I=17500 She sells the shares 8…

Q: Janelle deposited $500 in a savings account with simple interest. Two years later, she had earned…

Q: A purchaser paid $29,400 for a car that originally cost $14,700. If the markup was 50% of the…

Q: A preferred stock from Duquesne Light Company (DQUPRA) pays $3.55 in annual dividends. If the…

Q: Sam loaned $15,000 to his brother to make a down payment on a new home. Five years later, he paid…

Q: A three month $7600 T-Bill carries a discount of $80.75. What is the discount rate for this bill?

A: A three-month $7600 T-Bill carries a discount of $80.75. What is the discount rate for this bill is…

Q: Teresa received $80 for her birthday. At what interest rate would she have to invest the money to…

Q: The total intrest that she paid on the loan was $270.

Q: On January 1, 2009, Kendra owed $16,887 to her friend Joseph, who was kind enough not to charge…

A: The amount of money Kendra owed to her friend Joseph on January 1, 2009 is $16,887. The amount that…

Q: Christine borrowed $3000 from a bank for 2 years and was charged simple interest. The total interest…

A: Given that, P=$3000 N=2 year I=$120 We have to calculate simple interest rate.

Q: Yu-Feng Liang bought a used car for $8000. He made a down payment of $1000 and paid off the balance…

A: Value of Down Payment = $1000 Monthly payment of $202 for 48 months Total Payment made by Yu-Feng…

Q: A bond was purchased on January 1, 2016 for $750. If its value increases by 8.2 % every year, how…

Q: Mike deposited on March 12, 2020 at 10.5% simple interest. On September 8, 2020, the fund…

Q: Meadow Inc. purchased a machine for $100,000 after a discount of 25%. Calculate the original price…

Q: Miguel purchased a hot tub costing $5,010 by taking out an installment loan. He made a down payment…

Q: Maria paid ₱9,300 on a loan made 6 months before at 14% simple interest. Find the interest…

Q: Ernie Rolph deposits $7150 at 4% for 1 year. How much interest will he earn? What is the account…

A: Given query is to find the amount after 1 year.

Q: Bailey received a loan of $13,690 from her friend. If she was charged the interest amount of $965 at…

Q: Wally Chin, the owner of an ExxonMobil station, bought a used Ford pickup truck, paying $1,900 as a…

A: Here, payment made = $1990 percent left=75%

Q: Kaitlin borrowed $600 from a bank for 6 years and was charged simple interest. The total interest…

Q: A collector of football trading cards paid $6 for a 1984 Dan Marino rookie card several years ago.…

A: Given a collector of football trading cards paid $6 for a 1984 Dan Marino rookie card several years…

Q: Stefan borrowed $8,950 for an engagement ring. At a 6.85% simple interest rate, how much total will…

Q: Mr. Smith borrowed $26,000 to purchase stock for his baseball card shop. He repaid the simple…

Q: what is the rate of return when 25 shares of stock a, purchased for 30/share, are sold for $825? The…

Q: Last year the principal's car was worth $28,000. Next year it will be worth $25,270. What is the…

Q: kenneth lent his niece $1,200 to buy a computer. two years later, she paid him back the $1,200 plus…

A: Given: P=$1200 I=$96 t=2years r=?

Question

100%

Nicolas Cage borrowed $3,456 from his nephew to fund his new movie. Eight months later, he paid
back his nephew $4,567. Determine the annual interest rate to the nearest tenth of a percent that Nicolas
Cage paid on the loan

Expert Solution