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Back to 6.4 Solve Simple Interest Applications

6.4 Exercise 52

Avg difficulty 2.5

Solve the problem using the simple interest formula.

Lebron lent his daughter $20,000\$\text{20},\text{000} to help her buy a condominium. When she sold the condominium four years later, she paid him the $20,000,\$\text{20},\text{000} , plus $3,000\$\text{3},\text{000} interest. What was the rate of interest?

OpenStax Prealgebra 2e, 6.4 Solve Simple Interest Applications, exercise 52

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Adapted from Prealgebra 2e © 2020 Rice University. Licensed under CC BY 4.0. Source: Prealgebra 2e. Imported at revision 77a933c.