Hi, I have about 10 questions to do on simple interest as my maths homework. But I don't know how do do them, can anyone help explain how to solve the following question?
here it is:
"Find the simple interest rate (to the nearest percent) which will allow $2500 to earn $670 interest in 3 years." once I know how to solve this I should be fine :)
Thankyou! :)
here it is:
"Find the simple interest rate (to the nearest percent) which will allow $2500 to earn $670 interest in 3 years." once I know how to solve this I should be fine :)
Thankyou! :)
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I = P n r / 100
670 = 2500* 3 * r /100
670 = 75r
r = 670/ 75 = 8.93% ANSWER
@ 7% the interest will be 2500 X 7/100 X 3 = 525 $
670 = 2500* 3 * r /100
670 = 75r
r = 670/ 75 = 8.93% ANSWER
@ 7% the interest will be 2500 X 7/100 X 3 = 525 $
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The Formula Is'
R= I / PxT
R= 670/2500 x 3
R= 80.4%
R= I / PxT
R= 670/2500 x 3
R= 80.4%