I don't quite understand the meaning of "A" when it comes to this problem. I'm assuming that "A" is the amount of interest paid within 3 years? But that's how I solved it. Because the equation is (I) over PT=
I = interest paid monthly/annually or whatever the determined number is.
P = principle (the money that was started out)
T = the time of the accruement
R= the interest rate.
That's why I'm assuming that A is going to equal I in this problem.
So it will be
188.80 over (/) 160 x 3= R
We will multiply 160 x 3 = 480
Then, we'll divide 188.80 by 480
188.80 ÷ 480 = 0.393.
We'll multiply that number by 100.
0.393 x 100 = 39.3%.
That's a HUGE interest rate, so that's why I'm not sure if A if the correct answer.
