saraalomari42277 saraalomari42277

01-05-2021
Mathematics

contestada

If the simple interest on $1,000 for 8 years is $ 480 then what is the interest rate?

Respuesta :

samuelonum1 samuelonum1

06-05-2021

Answer:

6%

Step-by-step explanation:

Given data

Principal = $1,000

Time= 8 years

Simple interest= $480

The expression for the simple interest is

Simple interest= PRT/100

Substitute

480= 1000*R*8/100

Cross multiply

480= 8000R/100

480*100= 8000R

48000= 8000R

Divide both sides by 8000

R= 48000/8000

R=6%

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