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A man earns $112 interest in one year on an investment of $1,400. what was his rate of interest
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A man earns $112 interest in one year on an investment of $1,400. what was his rate of interest

User Elsban
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2 Answers

7 votes

Answer:

The rat of interest is 8% per year


User Kentaro
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3 votes
Interest, I = PRT

Principal, P = $1400, Rate R = % per year, Time T = 1 year

112 = 1400*R*1

112/1400 = R

R = 112/1400

R = 0.08 = 8/100

R = 8% per year.
User Swornabsent
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