An account earns simple interest find the annual interest rate I equals $30 P equals $250 T equals 3 years

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asked Feb 2, 2019 148k views

1 Answer

Reck · Answer 1 · 2019-02-07T17:54:45+0000

Well since I= PRT, R would equal I/(RT) so it would be 30/(250x3) nad that equal 30/750, so R=30/750 which is 0.04 or 4%. So annual interest rate would equal 4%.
Hope this helps.

An account earns simple interest find the annual interest rate I equals $30 P equals $250 T equals 3 years

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