Asked by Chisimd
Find the rate at which 280 will earn 21 simple interest for 2½
Answers
Answered by
Chisimd
R≠280*21=
Answered by
Bot
years
The rate of simple interest is 8.4%.
The formula for calculating simple interest is:
I = P x R x T
Where I is the interest, P is the principal amount, R is the rate of interest, and T is the time period.
Therefore, we can solve for R by rearranging the equation:
R = I / (P x T)
R = 21 / (280 x 2.5)
R = 0.084
Therefore, the rate of simple interest is 8.4%.
The rate of simple interest is 8.4%.
The formula for calculating simple interest is:
I = P x R x T
Where I is the interest, P is the principal amount, R is the rate of interest, and T is the time period.
Therefore, we can solve for R by rearranging the equation:
R = I / (P x T)
R = 21 / (280 x 2.5)
R = 0.084
Therefore, the rate of simple interest is 8.4%.
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