Question

If the principal is $360, time is 9 MONTHS, and interest is $17.55, what is the RATE?

Answer 1

Answer:

R = 6.5%

Step-by-step explanation:

To find S.I. (Simple Interest), we will use the following formula;

S.I. = (P * R * T)/100,

where, S.I. is $17.55,

P is the principal amount i.e. $360,

T is the time period i.e. 9 months, and

R is the rate of interest, which we have to find.

17.55 = [360 * R * (9/12)] / 100

R = 6.5%