Question

A savings account of $2500 earned $225 simple interest in 3 years. Find the
interest rate.

Answer 1

Answer:R= 3%/year

Step-by-step explanation:

r = 225 / (2500 x 3) = 0.03

r= 0.03

converting r decimal to a percentage

R = 0.03 * 100 = 3%/year

The interest rate required to accumulate simple interest of $225.00 from a principle of $2,500.00 over 3 years is 3% per year.

Answer 2

Results

Interest Rate -61.911%

Total of 36 Monthly Payment of $8,100.00

Total Interest Paid $-16,900.00

Explanation: