Question

If $1600 earned simple interest of $56.24 in 2 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:

$\ 21.1$

Step-by-step explanation:

We know that for principal amount P , time period T and rate of interest $R\%$ , simple interest is given by $S.I. = \frac{P\times R\times T}{100}$ .

Here ,

$P=\ 1600\\T=2\,\,months=\frac{2}{12}\,\,years=\frac{1}{6}\,\,years\\S.I=\ 56.24$

To find :  simple interest rate i.e., $R\%$

On putting values of $P\,,\,T\,,\,S.I$ in formula , we get $S.I. = \frac{P\times R\times T}{100}$

$56.24 = \frac{1600\times R\times 1}{600}\\R=\frac{56.24\times 600 }{1600}=\frac{703\times 3}{100}=\ 21.09$

Now we need to round off the answer to the nearest tenth .

So, simple interest rate is % = $\ 21.09$ = $\ 21.1$