Jane would like to borrow $850 for exactly one year, so that she can buy a brand-new lawn mower for the lawn-mowing business she is starting. jane's local bank agrees to lend her the money only if she is willing to pay back the full amount plus an extra $30, for a total repayment amount of $880. what is the annual interest rate on jane's loan from her bank?

The answer is: 3.53%

Explanation:

Jane is being charged simple interest. To calculate the interest rate we just use the following formula:

Interest rate = [(future value / present value) - 1 ] x 100% =

Interest rate = [($880 / $850) - 1] x 100% = (1.0353 - 1) x 100% = 0.0353 x 100%

Interest rate = 3.53%

x=3

step-by-step explanation:

this is really simple i saw that there was only one term (5x) and thought if that was 15 what would i have to multiply everything else to get it there? well if 5x became 15 then x would have to be 3 so plug the 3 in the x for the other equations and you get 15 for the other ones. so there you go. : )