The simple interest on $15 000 for 9 years is $6 750. Calculate the rate percent per annum.
Question
Solution 1
Sure, to calculate the rate percent per annum, we can use the formula for simple interest which is:
I = PRT/100
where: I = Interest P = Principal amount (the initial amount of money) R = Rate of interest T = Time the money is invested for
In this case, we know that: I = $6 750 P = $15 000 T = 9 y Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study prob
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solv
Similar Questions
The simple interest on $15 000 for 9 years is $6 750. Calculate the rate percent per annum.
A farmer borrowed $2000 at a simple interest rate of 20% per annum, Calculate the total payable after 2 years
Sasuke deposited Php 1400 which offered 5% simple interest rate per annum for 5 years 9 months. State the period in years
Simple interest on a sum is 25% of the principal and the number of years is equal to rate percent per annum. Find the rate of interest.7.5%5%7%25%
Avala borrowed Rs 4800 at a simple interest rate of 12.5% per annum for 2 years. Calculate the total interest paid by Avala?Options1400 1250 13001200