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suppose felino deposited $1500 in the bank for 3 years. he makes $112.50 in simple interest at the end of the 3 years. find the annual interest rate
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suppose felino deposited $1500 in the bank for 3 years. he makes $112.50 in simple interest at the end of the 3 years. find the annual interest rate

User Supermario
by
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1 Answer

3 votes
Answer:
2.5%
Explanation:
Simple interest=Deposit×Rate/100×Time
112.50=1500×R/100×3
112.50/45=45R/45
R=2.5%
User Vlince
by
8.4k points
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