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An $800 deposit for 24 months earned $200 in interest.

SIMPLE INTEREST

NEED RATE & TOTAL VALUE

User Rok Kralj
by
7.2k points

2 Answers

3 votes

Answer: X = 12.5%

Explanation:

User CharlesLeaf
by
7.5k points
3 votes

Answer:

x=12.5% (hope this right if not I am so sorry)

Answer Explanation:

let x%= annual interest rate

deposit = $800

interest earning period = 24 months = 24/12 years

interest earned = $200

so $200 = $800 * x /100* 24/12

200 = 800 * x/100 * 2

solve for x,

x = 12.5% per annum

User FitzFish
by
8.0k points