Question

Find the annual interest rate for I=$26. 25 P=$500 T=18 months

Answer 1

The correct answer to this question is 3.5%

Answer 2

3.5%

Explanation:

I = prt

26.25 = 500(1.5)r 18 months is 1.5 years

26.25 = 750r Divide both sides by 750

.035 = r

The rate is 3.5%