Question

This is another one yet do i not get? help!

Answer 1

Rate of Interest is
`20\%`

Explanation:

Given that

`I=\$ 300, P=\$3000`

and T=0.5 years

To find rate of interest

We have I=PRT

Therefore

`R=(I)/(PT)* 100`

`R=(300)/((3000)(0.5))* 100`

`=(1)/(10(0.5))* 100`

`=20\%`

Therefore
`R=20\%`

Rate of Interest is
`20\%`