Question

What is the interest rate if...
Principal = $1,250
Time = 4 years
Interest = $285.

Answer 1

The answer is 5.7 %

Explanation:

To find the rate given the principal , time and interest , we use the formula

`r = (100I)/(pt) \\`

where

p is the principal

t is the time

I is the interest

From the question

Principal = $1,250

Time = 4 years

Interest = $285

We have

`r = (285 * 100)/(4 * 1250) = (28500)/(5000) = (285)/(50) \\ = 5.7`

We have the final answer as

5.7 %

Hope this helps you