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Find the annual simple interest rate. I = $18, P = $150, t = 6 years
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2 votes
Find the annual simple interest rate. I = $18, P = $150, t = 6 years

User Dipendra Dangal
by
5.4k points

2 Answers

5 votes

Answer:

Explanation:

2% is the answer

User Cristian Ivascu
by
4.8k points
5 votes

Answer:

  • 2%

Explanation:

Use this formula for interest:

  • I = Ptr, where I - interest, P- principal, t- time, r - interest rate

Substitute values and solve for r:

  • 18 = 150*6*r
  • r = 18/900
  • r = 2/100
  • r = 2 %
User Srikkant Srinivasan
by
5.1k points
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