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Chapter 3: Q. 126 (page 334)

In the following exercises, solve.

Kenneth loaned his niece \(1200to buy a computer. Two years later, she paid him back the \)1,200, plus $96 interest. What was the rate of interest?

Short Answer

Expert verified

The rate of interest for the amount of $1,200 is 4%

Step by step solution

01

Step 1. Given Information

The principal, P=$1,200

Interest, I=$96

Time, t=2 years

02

Step 2. Simple interest formula

Simple interest, I=Prt

Substitute the known values,

96=1200(r)296=2400r

03

Step 3. Find r

Solve the equation for r,

r=962400=0.04

Write the rate of interest in percentage,

r=0.04脳100=4%

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