Question

Helps please does that look right to y’all ?

Answer 1

You have the correct answer

Interest rate = 21.5%

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Work Shown:

i = P*r*t .... simple interest formula

i = simple interest

i = 2075-1000 = 1075

P = 1000 = amount borrowed (principal)

r = unknown interest rate

t = 5 = time in years

So,

i = P*r*t

1075 = 1000*r*5

1075 = 5000r

5000r = 1075

r = 1075/5000

r = 0.215

r = 21.5%