Photo math is charging? We don't need it. We factor the difference of two squares.
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The dishwasher uses 32 gallons of water to wash 4 loads of dishes. How many gallons of water will the dishwater use to wash 10 l
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The annual interest rate is 3.5%.
Solution:
Given Interest (I) = $26.25
Principal (P) = $500
Time (t) = 18 months
Rate of interest (r) = ?
Time must be in years to find the rate per annum.
1 year = 12 months
Divide the time by 12.
Time (t) = years
Now, find the rate of interest using simple interest formula.
<u>Simple interest formula:</u>
⇒ r = 3.5%
Hence the annual interest rate is 3.5%.