3. Lucy takes out a car loan for BD 60000 at an interest rate of 12% simple interest. If a principal of BD 5000 earns simple interest of BD 520 in 9 years, calculate the interest rate, is in effect?

Functions and Change: A Modeling Approach to College Algebra (MindTap Course List)
6th Edition
ISBN:9781337111348
Author:Bruce Crauder, Benny Evans, Alan Noell
Publisher:Bruce Crauder, Benny Evans, Alan Noell
ChapterP: Prologue: Calculator Arithmetic
Section: Chapter Questions
Problem 2TU: If the annual percentage rate is 8% and the interest is compounded monthly, what is the amount owed...
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3. Lucy takes out a car loan for BD 60000 at an interest rate of 12% simple interest. If
a principal of BD 5000 earns simple interest of BD 520 in 9 years, calculate the interest
rate, is in effect?
Transcribed Image Text:3. Lucy takes out a car loan for BD 60000 at an interest rate of 12% simple interest. If a principal of BD 5000 earns simple interest of BD 520 in 9 years, calculate the interest rate, is in effect?
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