Question

Please Help (assignment is attached)

Answer 1

7%

Explanation:

The problem has a misspelling. The word should be "principal" not "principle."

Formula for simple interest:

I = Prt

where I = amount of interest

P = principal

r = annual rate of interest

t = time in years

I = Prt

509.60 = 910.00 * r * 8

910 * r * 8 = 509.6

7280r = 509.6

r = 0.07

The interest rate is 0.07 as a decimal.

To write it as a percent, we multiply the decimal by 100.

0.07 = 0.07 * 100% = 7%

Answer: 7%

Answer 2

Answer: The formula is I=PRT where I is interest, P is principle, R is rate and T is time. Using these quantities, plugging in the values and solving for R is how to go about the problem.

509.60=910*8*R

509.60/(7280)=R

0.07= R so the interest rate is 7%. Hope that helped!