Use the formula for simple interest, I = Prt, to find the indicated quantity. Assume a 360 day year. 1 = $24; P = $1200; t = 90 days;

Question

Use the formula for simple interest, I = Prt, to find the indicated quantity. Assume a 360 day year.
1 = $24; P = $1200; t = 90 days; r = ?
r=% (Simplify your answer.)

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Euphemia 1 month 2021-08-16T05:56:18+00:00 1 Answers 0 views 0

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    2021-08-16T05:57:40+00:00

    Answer:

    r = 8%

    Step-by-step explanation:

    Given that,

    Interest, I = $24

    Principal, P = $1200

    Time, t = 90 days = 90/360 = 1/4 years

    We need to find the rate.

    We know that,

    The simple interest is given by :

    I=\dfrac{Prt}{100}

    Put all the values,

    r=\dfrac{100I}{Pt}\\\\r=\dfrac{100\times 24}{1200\times \dfrac{1}{4}}\\\\r=8\%

    So, the rate is 8%.

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