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2 years ago

If the simple interest on $1,000 for 8 years is $ 480 then what is the interest rate?

Mathematics

1 answer:

Anestetic [448]2 years ago

7 0

Answer:

Step-by-step explanation:

Given data

Principal = $1,000

Time= 8 years

Simple interest= $480

The expression for the simple interest is

Simple interest= PRT/100

Substitute

480= 1000*R*8/100

Cross multiply

480= 8000R/100

480*100= 8000R

48000= 8000R

Divide both sides by 8000

R= 48000/8000

R=6%

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If the simple interest on ​$1,000 for 8 years is ​$​ 480 then what is the interest​ rate?

If the simple interest on $1,000 for 8 years is $ 480 then what is the interest rate?