Mathematics, 17.07.2019 21:00 shelbycg02
Aloan of $1,020 was repaid at the end of 18 months with a check for $1,050. what annual rate of interest was charged?
Answers: 1
![\bf 1050=1020\left[ 1+r\left( \frac{3}{2} \right) \right]\implies \cfrac{1050}{1020}=1+r\left( \frac{3}{2} \right) \implies \cfrac{35}{34}=1+r\left( \frac{3}{2} \right) \\\\\\ \cfrac{35}{34}-1=\cfrac{3}{2}r\implies \cfrac{1}{34}=\cfrac{3}{2}r\implies \cfrac{2\cdot 1}{3\cdot 34}=r\implies \cfrac{1}{51}=r \\\\\\ r\%=100\cdot \cfrac{1}{51}\implies r\approx\stackrel{\%}{1.96078431372549}](/tpl/images/0101/5480/e461c.png)
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Aloan of $1,020 was repaid at the end of 18 months with a check for $1,050. what annual rate of inte...
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