Question

If $1900 earned simple interest of $56.28 in 6 months, what was the simple interest rate? The simple interest rate is % (Do not round until the final answer. Then round to the nearest tenth as needed.)

Answer 1

Answer:

rate of interest = 5.92%

Step-by-step explanation:

Given,

• Principle value,P = $1900

• interest earned, I = $58

• time, T = 6 months

       $=\dfrac{6}{12}\ year$

       = 0.5 year

As the interest is being calculated according to the rule of simple interest.

so, Simple interest can be given by,

    $I\ =\ \dfrac{P\times R\times T}{100}$

$=>\ 56.25\ =\ \dfrac{1900\times R\times 0.5}{100}$

$=>\ R\ =\ \dfrac{56.25\times 100}{1900\times 0.5}$

          = 5.92

so, the simple rate of interest is 5.92% annually.