Question

(Don't forget to show how you got your answer please!) Find the interest rate. You may answer in decimal form or percent form.

Principal: $2,500, Time: 2 years; Interest: $450

Answer 1

36%

Explanation:

I/Pt = r to get your rate.

I = Interest amount paid in a specific time period (month, year etc.)

P = Principle amount (the money before interest)

t = Time period involved

r = Interest rate in decimal

$450 ÷ 2,500(2)=36%