Naomiiiii
Naomiiiii Naomiiiii
  • 04-01-2017
  • Mathematics
contestada

Find the annual simple interest rate. I=$17, P=$500, t=2 years

Respuesta :

isyllus
isyllus isyllus
  • 26-03-2019

Answer:

The annual simple interest is 1.7%

Step-by-step explanation:

We are given I=$17, P=$500, t=2 years

Formula:

SI= PRT

where,

SI = Simple Interest (SI=$17)

P = Principle (P=$500)

R = Rate of interest  (R=?)

T = Time (T=2)

Substitute the values into formula

17 = 500 x R x 2

R = 1.7%

Hence, The annual simple interest is 1.7%

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