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ser-zykov [4K]
4 years ago
11

What is the rate of the interest on $560 for two years is $145.60?

Mathematics
1 answer:
nlexa [21]4 years ago
4 0

The rate of interest is 13%.

Step-by-step explanation:

Given,

Principal (P) = $560

Interest (I) = $145.60

Time (T) = 2 years

To find the rate of interest

Formula

If P principal was invested for T years at r% simple interest, the interest will be I = \frac{PTr}{100}

So,

Putting the values of P, I, T we get,

145.60 =  \frac{560X2Xr}{100}

or, r = \frac{145.60X100}{2X560}

or, r = 13%

Hence,

The rate of interest is 13%.

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