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01 Oct 2020, 02:00
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D
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Difficulty:
15%
(low)
Question Stats:
82% (01:34) correct
18%
(01:54)
wrong
based on 107
sessions
History
Date
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Result
Not Attempted Yet
Samuel obtained a $14,000 car loan at a simple annual interest rate of r percent. After one year, Samuel made a single payment of $16,240 to repay the loan, including the interest. What is the value of r?
A. 8
B. 10.4
C. 14.3
D. 16
E. 18.8
A. 8
B. 10.4
C. 14.3
D. 16
E. 18.8
yashikaaggarwal
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01 Oct 2020, 02:07
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Given: Samuel obtained a $14,000 car loan at a simple annual interest rate of r percent. After one year, Samuel made a single payment of $16,240 to repay the loan, including the interest.
To Find: What is the value of r?
Solution: Interest = Payable amount - Loan taken
=> 16240-14000
=> 2240
S.I. = P*R*T/100
2240 = 14,000*R*1/100
224 =14*R
R = 16
Answer is D
To Find: What is the value of r?
Solution: Interest = Payable amount - Loan taken
=> 16240-14000
=> 2240
S.I. = P*R*T/100
2240 = 14,000*R*1/100
224 =14*R
R = 16
Answer is D
