Question

Find the interest rate for a principal of $8635 and charged $33549 in interest for 11 years.

Round your answer to 1 decimal place.

Answer 1

rate = 0.4 %

Explanation:

Interest = principal x rate x time

33549 = 8635 x r x 11

33549 = 94985r

r = 33549/94985

r = 0.3532

r = 0.4

rate = 0.4 %