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

Question

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

in progress 0
Neala 4 years 2021-08-28T00:45:46+00:00 1 Answers 4 views 0

Answers ( )

  1. Helga
    0
    2021-08-28T00:47:21+00:00
    Reply

    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%

Leave an answer

Browse

Giải phương trình 1 ẩn: x + 2 - 2(x + 1) = -x . Hỏi x = ? ( )