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Find the annual simple interest rate. I=$17, P=$500, t=2 years

Find the annual simple interest rate. I=$17, P=$500, t=2 years
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5 votes
Find the annual simple interest rate. I=$17, P=$500, t=2 years

User Yaroslav Stavnichiy
by
7.7k points

2 Answers

6 votes
r=I/Pt is the formula for simple interest rate, so plug in the number given to solve for r :)

Work:
r=17/(500*2)
r=17/1000
r=0.017

To change to a percentage, move the decimal point in 2 times.

Final Answer: 0.017 OR 1.7%


User Robin Kuzmin
by
8.5k points
3 votes
500 * i * 2 = 17
1000i = 17
i = 17/1000
i = 0.017

0.017 = 1.7%

answer: annual simple interest rate is 1.7%
User Steve Jiang
by
8.3k points
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