Question

Calculate the interest rate when the principal is $300 and interest earned is $40 after 3

Answer 1

Answer:

4.4%

Step-by-step explanation:

solution:

principal (p) = $300

time(t) = 3 years

interest (I ) =$40

rate (r) = ?

we know that,

I = (PTR)/100*

OR, 40 = (300 *3 * R)/100

or, 40 = (900R)/100

or, 40 = 9R

or, 40/9 = R

or, R = 4.4%

Rate(r) =4.4%