If the simple interest on $800 for 3 years is $54. What is the rate of interest per annum?
Answers
Answered by
53
Answer:
Having checked, interest is $54 when rate is 2.25%. Therefore, the answer (rate = 2.25 %) is correct.
Answered by
1
The rate of interest per annum is 2.25%
Given : The simple interest on $800 for 3 years is $54.
To find : The rate of interest per annum.
Solution :
We can simply solve this mathematical problem by using the following mathematical process. (our goal is to calculate the rate per annum)
Here, we will be using the following mathematical formula.
Simple interest = (P × R × T)/100
Here,
- P = Principal amount
- R = Rate per annum
- T = Time
In this case,
- P = $800
- R = Let, x
- T = 3 years
By, putting the available data, in the above mentioned mathematical formula, we get :
54 = (800 × x × 3)/100
24x = 54
x = 54/24
x = 2.25
The rate per annum = x% = 2.25%
Hence, rate per annum is 2.25%
Similar questions
Computer Science,
3 hours ago
Business Studies,
3 hours ago
Social Sciences,
3 hours ago
English,
6 hours ago
Math,
6 hours ago
Physics,
7 months ago
English,
7 months ago