Asked by Lani
If $420 yields $31 in simple interest over 30 months, what is the annual rate?
Answers
Answered by
Ms. Sue
I = PRT
31 = 420 * R * 2.5
31 = 1050R
31/1050 = R
0.0295 = R
Rate = 2.95%
31 = 420 * R * 2.5
31 = 1050R
31/1050 = R
0.0295 = R
Rate = 2.95%
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