Homework 4.1-4.2 worksheet
1 answer:
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Answer:
The rate of Simple Interest is 6.5 %
Step-by-step explanation:
Given as :
Principal = $ 4000.00
Amount = $ 5300.00
The time period of loan = 5 years
Let The rate of simple interest = R
Now,
From Simple Interest method
Simple Interest =
And , Simple Interest = Amount - Principal
So , Simple Interest = $ 5300.00 - $ 4000.00
Or, Simple Interest = $ 1300
Now, Simple Interest =
So, $ 1300 =
Or, $ 1300 × 100 = $ 4000 × Rate × 5
Or, Rate =
Or, Rate = 6.5
Hence The rate of Simple Interest is 6.5 % Answer