Question

The total simple interest on $1600 invested for five years is $224. What is the percentage rate per annum?

Answer 1

Step-by-step explanation:

did u got the answer??.....

Answer 2

Answer:

The percentage rate per annum is 2.8%

Step-by-step explanation:

We need to multiply the principal by the time, then divide the interest by the product of P×T, so:

1,600 × 5 = 8,000

224 ÷ 8,000 = 0.028

Then we convert our final product to a percentage.

0.028 to a percent is 2.8%