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The interest rate is 7.69%
Step-by-step explanation:
Given
Interest = $200
Time = t = 30 months
Time will be converted into years as the rate is applied yearly
So,
1 year = 12 months
30 months = 30/12 years = 2.5 years
Principal amount = $1040
The formula for interest is:
Putting the values
Converting into percentage:
r = 7.6923
Rounding off to nearest hundredth
r = 7.69%
Hence,
The interest rate is 7.69%
Keywords: Interest, percentage
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