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3 years ago

If the simple interest on $5,000 for 4 years is $1,600, then what is the interest rate?

Mathematics

1 answer:

matrenka [14]3 years ago

8 0

Answer:

0.08, or 8%

Step-by-step explanation:

The appropriate formula is i = p*r*t, where p is the principal, r is the interest rate as a decimal fraction, and t is the time in years.

We want to calculate r when i, p and t are known.

Solving i = p*r*t for r, we get r = ------------

p*t

The interest rate in this case is

$1600

r = ---------------- = 0.08, or 8%

$5000*4

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Answer:

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Read 2 more answers

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2 years ago