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Calculate the rate of interest for the following principal, interest, and time periods: a) P=4000, I=800, T=2yrs b) P=3000, I=1350, T=3yrs c) P=10000, I=4000, T=4yrs
Mathematics
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Step-by-step solution
12 stepsTo find the rate of interest, we use the simple interest formula:
Where is the Interest, is the Principal, is the Rate of interest (as a decimal), and is the Time in years.
We can rearrange this formula to solve for :
Part a· 3 steps
Identify the given values.
Substitute the values into the formula for .
Convert the decimal rate to a percentage.
The rate of interest is .
Part b· 3 steps
Identify the given values.
Substitute the values into the formula for .
Convert the decimal rate to a percentage.
The rate of interest is .
Part c· 3 steps
Identify the given values.
Substitute the values into the formula for .
Convert the decimal rate to a percentage.
The rate of interest is .
Part d· 3 steps
Identify the given values.
Substitute the values into the formula for .
Convert the decimal rate to a percentage.
The rate of interest is .
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