To find the interest rate, we can use the formula for simple interest:
I = P * r * t
Where:
I = Interest
P = Principal amount
r = Interest rate
t = Time (in years)
In this case, we know the principal amount (P) is $1000, the time (t) is 8 years, and the interest (I) is $720. We need to calculate the interest rate (r).
720 = 1000 * r * 8
To find r, divide both sides of the equation by (1000 * 8):
r = 720 / (1000 * 8)
r = 0.09 or 9%
Therefore, the interest rate is 9%.
If the simple interest on one thousand dollars for Eight years is seven hundred twenty dollars and what is the interest rate
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