Ask a New Question

Question

Interest of $22.05 was earned in 3 months on a balance of $1960.00. What is the interest rate per annum earned on that account?
9 years ago

Answers

Damon
22.05 = 1960 (r/4)

1960 r = 88.20

r = .045
so 4.5 %
9 years ago

Related Questions

How much interest is earned from a $3,000 investment at an annual rate of 4% compounded quarterly f... How much interest is earned on 20,000 at 6% for 2 yrs compounded annually? How much interest is earned on $470 at 4% for seven years? How much interest is earned in two years in two years on $200 in a bank account at an interest rate... Interest of $22.05 was earned in three months on a balance of $1960. What is the interest rate per a... If you earned $6,000 interest per annum and you had $78,000 invested, what per annum rate is your mo... How much interest is earned in 6 years on $8500 deposited in an account paying 7% interest, compound... Interest earned in 3 yrs at 12% on 2000 shillings How does the interest earned with simple interest compare to that earned with compound interest over...
Ask a New Question
Archives Contact Us Privacy Policy Terms of Use