Answer:
A.) 15
B.) 1 year
C.) $50
D.) 1.5%
Step-by-step explanation:
The percentage equation goes thus:
Interest earned = principal * rate * time
A)
Principal: $100 Interest rate: 5% Time in years: 3 Interest earned
Interest earned = $100 * 0.05 * 3
Interest earned = $15
B.)
Principa;" $500 Interest rate: 4% Time in years: interest earned: $20
Interest earned = principal * rate * time
20 = 500 * 0.04 * time
20 = 20 * time
Time = 20 / 20 = 1
Time = 1 year
C.)
Principal: Interest rate:10% Time in years: 7 Interest earned:$35
Interest earned = principal * rate * time
$35 = principal * 0.1 * 7
$35 = principal * 0.7
Principal = $35 / 0.7
Principal = $50
D.)
Principal: $200 Interest rate: Time in years:2 Interest earned: $6
Interest earned = principal * rate * time
$6 = $200 * rate * 2
$6 = $400 * rate
Rate = $6/$400
Rate = 0.015 = 1.5%
