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2 years ago

Find the annual interest rate if i=$562.50, p=$1500, t=5 years

Mathematics

2 answers:

vampirchik [111]2 years ago

8 0

Answer:

The annual interest rate is 7.5%

Step-by-step explanation:

Given : i=$562.50, p=$1500, t=5 years

We have to calculate the annual interest rate.

We know

Interest = Principal × rate × time

Given : Interest = $562.50

Principal = $1500

Time = 5 years.

Substitute, we get,

562.50 = 1500 × rate × 5

⇒ $Rate=\frac{562.50}{1500 \times 5}\\\\ Rate=0.075$

Thus, rate = 0.075 = 0.075 × 100 = 7.5%

Thus, the annual interest rate is 7.5%

aniked [119]2 years ago

5 0

I=prt. Sub in what you know: 562.50=1500(r)(5). Multiply: 562.5=7500r. Divide to get the unknown by itself: .075=r or 10%=r. :)

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