If #2500.00 amounted to #3500.00 in 4 years at simple interest, find the rate at which the interest was charged
Answers
Answered by
2
Answer:
Rate (R) = 10% pa
Step-by-step explanation:
given,
Time (T) = 4 years
Principal (P) = 2500
Amount (A) = 3500
then,
Interest (I) = A - P = 3500 - 2500 = 1000
now,
Rate (R) = Interest × 100 / P × T
= 1000 × 100 / 2500 ×4
= 100000 / 10000
= 10 % pa
Similar questions