Scott took out a 72 month loan for $35.000 to purchase a new boat. If Scott paid $8,925 in simple interest, What was the interest rate?

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter1: Expressions And Functions
Section1.5: Descriptive Modeling And Accuracy
Problem 1BGP
icon
Related questions
icon
Concept explainers
Topic Video
Question
100%
help
8
Scott took out a 72 month
loan for $35,000 to purchase
a new boat. If Scott paid
$8.925 in simple interest,
What was the interest rate?
A) 3.5%
striped leggings
B) 4.25%
chef hats
C) 4.5%
leather jackets
D) 4.75%
rock wigs
E) 5.1%
footed pajamas
awhen ( Thir Abral 01S
Transcribed Image Text:8 Scott took out a 72 month loan for $35,000 to purchase a new boat. If Scott paid $8.925 in simple interest, What was the interest rate? A) 3.5% striped leggings B) 4.25% chef hats C) 4.5% leather jackets D) 4.75% rock wigs E) 5.1% footed pajamas awhen ( Thir Abral 01S
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 2 images

Blurred answer
Knowledge Booster
Application of Algebra
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, algebra and related others by exploring similar questions and additional content below.
Recommended textbooks for you
Glencoe Algebra 1, Student Edition, 9780079039897…
Glencoe Algebra 1, Student Edition, 9780079039897…
Algebra
ISBN:
9780079039897
Author:
Carter
Publisher:
McGraw Hill
Holt Mcdougal Larson Pre-algebra: Student Edition…
Holt Mcdougal Larson Pre-algebra: Student Edition…
Algebra
ISBN:
9780547587776
Author:
HOLT MCDOUGAL
Publisher:
HOLT MCDOUGAL