Question

Alice earned $622.50 in interest on her savings in the bank. Before interest, the account had $12,450. What is the approximate percent she earned in interest?
3%
5%
7%
10%

Answer 1

Hi there

To find The interest rate the formula is
R=I÷pt
r interest rate?
I interest earned 622.5
P principle 12450
T time 1 year
So
R=622.5÷(12,450×1)
R=0.05×100=5%

Hope it helps