If the simple interest on ​$1000 for 5 years is ​$250, then what is the interest​ rate?

Question

If the simple interest on ​$1000 for 5 years is ​$250, then what is the interest​ rate?

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Thu Giang 3 years 2021-08-17T16:48:38+00:00 2 Answers 3 views 0

Answers ( )

    0
    2021-08-17T16:49:59+00:00

    Answer:

    5%

    Step-by-step explanation:

    Interest earned=

    PV-PV(1+it)

    we have

    250=1000-1000(1+5i)

    solve for i

    -750= -5000i

    250= -5000i

    .05= i

    0
    2021-08-17T16:50:35+00:00

    Step-by-step explanation:

    i=prt

    250=(1000)((5)

    250= 5000 r

    250/5000 = r

    r=0.05 or 5% internet rate

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