Asked by Anonymous
What simple interest rate will Susan need to secure to make $2,500 in interest on a $10,000 principal over 5 years? how would i figure this out?
Answers
Answered by
Ms. Sue
I = PRT
2,500 = 10,000 * R * 5
2,500 = 50,000 * R
2,500 / 50,000 = R
0.05 = R
The rate is 5%
2,500 = 10,000 * R * 5
2,500 = 50,000 * R
2,500 / 50,000 = R
0.05 = R
The rate is 5%
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