Find the annual interest rate. I=$26.25, P=$500, t=18 months The annual interest rate is %.
Answers
Answered by
19
the formula for simple interest is I=(ptr)/100
substitute 26.25=(500*1.5year*r)/100
=2625=750r
r=3.5%
substitute 26.25=(500*1.5year*r)/100
=2625=750r
r=3.5%
Answered by
0
The annual interest rate is 3.5%.
Given,
I=$26.25, P=$500, T=18 months
To find,
Find the annual interest rate.
Solution,
We know that,
Simple Interest = I = (PRT)/100
We have I=$26.25, P=$500, T=18 months=1.5 years
So,
By substitution, we get
26.25 = (500 x R x 1.5)/100
= 7.5R
R = 26.25/7.5
= 3.5%
#SPJ3
Similar questions
English,
8 months ago
Hindi,
8 months ago
Math,
1 year ago
Math,
1 year ago
Social Sciences,
1 year ago