Question

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

Answer 1

Answer:

The answer is 5.7 %

Step-by-step explanation:

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

$r = \frac{100I}{pt}$

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

$r = \frac{285 \times 100}{4 \times 1250} = \frac{28500}{5000} = \frac{285}{50} \\ = 5.7$

We have the final answer as

5.7 %

Hope this helps you