Question

PLEASE HELP DUE IN A HOUR
Find the interest rate for each loan.
11. principal: $2,500; time: 2 years; simple interest: $450
12. principal: $5,600; time: 9 months; simple interest: $357

Answer 1

Answer:

1. 0.0075% / month interest

Yearly interest is 0.0075x12= 0.09

2. 0.0071% / month interest

yearly interest is 0.0071x12 =0.0852

Step-by-step explanation:

Formula for simple interest

A=P (1+rt)

A=Final amount

P= Initial Principal

r= Annual interest rate

t= time

2950=2500(1+rx24). Now distribute....24 is the number of Months in 2 year

2950=2500+60000r

2950-2500=60000r

450=60000r

r=0.0075 / month interest.

Multiply by 12 to get yearly interest.

you can solve second question with same formula.