andrew borrowed $8500 loan which was compounded annually for 6 years. At the end of six years, he owed $11,085.95 (including the principal). To the nearest tenth of a percent, what was the interest rate.

OdrogMath Oct 21, 2021

#1**0 **

andrew borrowed $8500 loan which was compounded annually for 6 years. At the end of six years, he owed $11,085.95 (including the principal). To the nearest tenth of a percent, what was the interest rate.

[11,085.95 / 8,500]^(1/6) ==1.045263 - 1 x 100 ==4.5263%==~4.5% - annual interest rate on the loan.

Guest Oct 22, 2021