A loan of $990 was repaid at the end of 6 months with a check for 1015. What annual interest was charged

The answer is .42%

Explained

I / PT = R

I = The amount of interest paid

P = The amount paid before adding interest

T = The time (weeks, months, years)

R = Interest Rate (must move 2 decimal place to the right)

$12. that is my answer.

, and

for

step-by-step explanation:

we can analyze the pattern at which the terms increase. let us denote , , , so that we can call

note the following:

the pattern: to get the next term value, we just add the next term number (e.g. 1st, 2nd, to the previous term value (term values are the given numbers in the question, 1, 3, 6, 10, 15,

from , to get to , we add

from , to get to , we add

etc.

we need to form a recursive formula, a formula that has the next term as a function of the previous term. so a possible recursive formula can be

, and for