00:01
All right, so let's have a question that says, i need to borrow $5 ,000, and i'm not going to be able to pay back for about nine months.
00:09
And when i do pay back, i'm going to have to pay back $5 ,500.
00:15
But with all this, i need to know my rate.
00:18
So with this, i'm going to need to use an equation that is, is a equals p, times 1 plus rt.
00:36
And so here it's my amount or how much i have the end equals my principal or how much i start with times one plus my rate times my time.
00:47
So this question we said at the end i owed $5 ,500 my principal or how much i borrowed is 5 ,000, 1 plus my rate is what i'm looking for.
01:03
And my time we do in years.
01:05
So nine months is nine twelfths of the year.
01:11
So now my goal is just to get r by itself.
01:14
So i'll divide by the 5 ,000.
01:16
So 5 ,500 divide by 5 ,000...