Math, asked by MsLinClassMathHelp, 1 year ago

Find the annual interest rate. I=$26.25, P=$500, t=18 months The annual interest rate is %.

Answers

Answered by pooja479
19
the formula for simple interest is I=(ptr)/100
substitute 26.25=(500*1.5year*r)/100
=2625=750r
r=3.5%
Answered by ChitranjanMahajan
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

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