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Math Help - Revision

  1. #1
    Member Sazza's Avatar
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    Revision

    Hey, just needing some help here:

    How much simple interest would be paid on a $700 loan for 5 years (60 months i think, it's easier if you convert to months) at a rate of interest 18%: [my workings: prt= 700x18x60/100 is that right?] how would i do it?

    and also

    Sarah sold her bike for $300 which is 80% of the amount she originally paid for it. What did she pay originally for it?
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  2. #2
    is up to his old tricks again! Jhevon's Avatar
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    Quote Originally Posted by Sazza View Post
    Hey, just needing some help here:

    How much simple interest would be paid on a $700 loan for 5 years (60 months i think, it's easier if you convert to months) at a rate of interest 18%: [my workings: prt= 700x18x60/100 is that right?] how would i do it?
    use years as the time.

    Simple interest = PRT = 700 x 0.18 x 5 = 630

    Sarah sold her bike for $300 which is 80% of the amount she originally paid for it. What did she pay originally for it?
    Let x be the amount she originally paid for the bike, we have:

    300 = 80% of x

    \Rightarrow 300 = \frac {80}{100} \times x

    \Rightarrow 300 = 0.8x

    \Rightarrow x = \frac {300}{0.8} = 375
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  3. #3
    Member Sazza's Avatar
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    awesome =] thanks!
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  4. #4
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    Quote Originally Posted by Sazza View Post
    Hey, just needing some help here:

    How much simple interest would be paid on a $700 loan for 5 years (60 months i think, it's easier if you convert to months) at a rate of interest 18%: [my workings: prt= 700x18x60/100 is that right?] how would i do it?

    and also

    Sarah sold her bike for $300 which is 80% of the amount she originally paid for it. What did she pay originally for it?
    simple interest can be calucaleted by the formula PTR/100.and your equation is correct.and that is 700*18*60/100=7*18*60=126*60=7560$is the answer.

    the answer is the buing bike is x and the eq is 80%of x=300 and solving 300*100/80=375.she paid originally375 for it.
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