Write the absolute value of each number. 1. -2/8 2. 3 ¾
1 answer:
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The rate of interest is 12.2 %
<em><u>Solution:</u></em>
Given that, Mr mojo borrowed $9000 for 10 years to make home improvements
He repaid a total of $ 20000
To find: Rate of interest
We can use simple interest formula to calculate the rate of interest
Total amount = Principal + simple interest
20000 = 9000 + simple interest
Simple interest = 20000 - 9000
Simple interest = 11000
<em><u>The simple interest is given as:</u></em>
Where,
"I" is the simple interest
"p" is the principal
"r" is the rate of interest
"t" is the number of years
Substituting the values,
Thus rate of interest is 12.2 %