Question

a man earns $112 interest in one year on an investment of $1,400. what was his rate of interest

Answer 1

Interest, I = PRT

Principal, P = $1400, Rate R = % per year,  Time T = 1 year

112 = 1400*R*1

112/1400 = R

R = 112/1400

R = 0.08 = 8/100

R =  8% per year.

Answer 2

Answer:

The rat of interest is 8% per year