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2 years ago

If the simple interest on $1000 for 5 years is $250, then what is the interest rate?

Mathematics

2 answers:

Otrada [13]2 years ago

8 0

Answer:

Step-by-step explanation:

Interest earned=

PV-PV(1+it)

we have

250=1000-1000(1+5i)

solve for i

-750= -5000i

250= -5000i

.05= i

Lerok [7]2 years ago

3 0

Step-by-step explanation:

i=prt

250=(1000)((5)

250= 5000 r

250/5000 = r

r=0.05 or 5% internet rate

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