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Chapter 2: Q. 151 (page 130)

Hilaria borrowed \(8,000 from her grandfather to pay for college. Five years later, she paid him back the \)8,000, plus $1,200 interest. What was the rate of simple

interest?

Short Answer

Expert verified

Rate of simple interest is 3%.

Step by step solution

01

Given information.

Principal,P=$8000Time,t=5yearsInterest,I=$1200Rate,r=?

02

Calculate the rate of interest.

Use the following formula and solve for unknown value.

I=Prt1200=8000脳r脳51200=40000脳rr=0.03r=3%

So, required interest rate is 3%.

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