Jaime’s refrigerator loan statement said that he would pay $1,026 as interest after 4 years at an interest rate of 13.5%. How much did Jaime

Question

Jaime’s refrigerator loan statement said that he would pay $1,026 as interest after 4 years at an interest rate of 13.5%. How much did Jaime borrow to buy the refrigerator?

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Natalia 4 months 2021-10-08T17:56:45+00:00 1 Answer 0 views 0

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    2021-10-08T17:58:40+00:00

    Answer:

    $ 1900

    Step-by-step explanation:

    Starting from the equation of simple interest, which is defined as follows:

     I = P * r * t

    Being I the interest, P the value of the product, r the interest rate and t would be time.

    We want to know the price of the product, therefore, solving the equation we have:

    P = I / r * t

    We know each other’s values so we replace:

     P = 1026 / (0.135 * 4)

    P = $ 1900 was the value of the refrigerator Jaime bought.

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