True or False: If your friend wants to take 6 hours for the 300 mile drive and you want to take 6 hours for the 240 mile drive,
2 answers:
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Answer:
R = 1.2%
Step-by-step explanation:
<u>Given the following data;</u>
Principal = 425
Time = 2
Simple interest = 10.20
To find the annual interest rate;
Mathematically, simple interest is calculated using this formula;
Where;
- S.I is simple interest.
- P is the principal.
- R is the interest rate.
- T is the time.
Substituting into the equation, we have;
Cross-multiplying, we have;
<em>R = 1.2%</em>
<em>Therefore, the annual interest rate is 1.2 percent. </em>