LMedley1702 LMedley1702
  • 03-03-2021
  • Mathematics
contestada

The simple interest on an investment of $3600 over 2 years is $504. Find the interest rate to the nearest one decimal place.

Respuesta :

samuelonum1
samuelonum1 samuelonum1
  • 08-03-2021

Answer:

7%

Step-by-step explanation:

Given data

Principal=  $3600

Time= 2 years

SImple interest=  $504

The expression for the simple interest is given as

SI= PRT/100

We want to find the rate R

504= 3600*R*2/100

cross multiply'

504*100= 3600*R*2

50400= 7200R

divide both sides by 7200

R= 50400/7200

R= 7%

Hence the rate is at 7%

Answer Link

Otras preguntas

Which is the following statement are true?
confessions of a gym class dropout
Someone help me please
what is ur life during school during Corona virus
explain one physical factor and one cultural factor that affects how man utilises the land​
When you are solving inequalities, do you still solve the parentheses first
Phase 1: Measuring diameter of a circle Use ruler to measure diameter of small (blue) circle. Record in Lab Data Use ruler to measure diameter of medium (green)
Guys if today is my birthday should I say ? it’s my birthday OR its my birthday ?
Which time unit measures a very short time interval?
Earliest reference of true or false came from