at what rate per annum does the simple interest on a sum of 4500 amount to 500 after 7 years
Answers
Answered by
1
⚡Hey mate⚡
✨Here is your answer✨
Price = 4500
Time = 7 years
Simple interest = 500
Rate = ?????
Simple interest = price × rate × time ÷ 100
But we want rate
Then formula is
Rate = simple interest × 100 ÷ price × time
Rate = 500 × 100 ÷ 4500 × 7
Rate = 1.58
Rate % is 1.58 %
I hope it's helpful for you. Thank you ❤️
✨Here is your answer✨
Price = 4500
Time = 7 years
Simple interest = 500
Rate = ?????
Simple interest = price × rate × time ÷ 100
But we want rate
Then formula is
Rate = simple interest × 100 ÷ price × time
Rate = 500 × 100 ÷ 4500 × 7
Rate = 1.58
Rate % is 1.58 %
I hope it's helpful for you. Thank you ❤️
Similar questions