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If an interest is $57.75, the principal $550, and the time 3 years, what is the interest rate
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If an interest is $57.75, the principal $550, and the time 3 years, what is the interest rate

User IBobo
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1 Answer

5 votes
Interest rate = I * 100 / P * R
r = 57.75 * 100 / 550 * 3
r = 5775 / 1650
r = 3.5

So, your final answer is 3.5%

Hope this helps!
User TimiTao
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