If james borrows $4,200 to pay his college tuition. he signs a 5 year simple interest loan. if monthly payments are $78.40, what is the interest rate on the loan?

The rate of interest applied on the loan is 2.4%

Step-by-step explanation:

Given as :

The principal amount borrows as loan = p = $4200

The time period of loan = t = 5 years = 5 × 12 = 60 months

The monthly payment for loan = $78.40

So, The payment for 60 months = $78.40 × 60 = $4704

i.e Amount after 60 months = $4704

Let The rate of interest = r at simple interest

Now, From Simple Interest method

Simple interest =

Or, s.i =

Or, (Amount - principal) =

Or, $4704 - $4200 =

Or,504 × 100 = 21,000 × r

∴, r =

i.e r = 2.4

So, The rate of interest = r = 2.4%

Hence, The rate of interest applied on the loan is 2.4% Answer

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answer:

given the linear inequality :

add 2y to both sides we get;

simplify:

add 12 to both sides of an equation;

simplify:

divide both sides by 2 we get;

or

the related equation for the inequality equation [1] is;

y-intercepts defined as the graph crosses the y-axis.

substitute x =0 in [2] to solve for y;

y = 6

x-intercepts defined as the graph crosses the x-axis.

substitute value y = 0 to solve for x;

subtract 6 from both sides we get

multiply both sides by 2 we get;

or

x = -12

now, plot these point (0, 6) and (-12, 0) on graph as shown below and shade the graph below the solid line.