The principal P is borrowed and the loan's future value A at time t is given. Determine the loan's simple interest rate r. (Round to the nearest tenth of a percent as needed.) P = $5000.00, A = $5425.00, t = 1 year

The principal P is borrowed and the loan's future value A at time t is given. Determine the loan's simple interest rate r. (Round to the nearest tenth of a percent as needed.) P = $5000.00, A = $5425.00, t = 1 year

College Algebra

7th Edition

ISBN:9781305115545

Author:James Stewart, Lothar Redlin, Saleem Watson

Publisher:James Stewart, Lothar Redlin, Saleem Watson

Chapter8: Sequences And Series

Section8.4: Mathematics Of Finance

Problem 26E

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Question

The principal P is borrowed and the loan's future value A at time t is given. Determine the loan's simple interest rate r. (Round to the nearest tenth of a percent as needed.)

P = $5000.00, A = $5425.00, t = 1 year

Expert Solution