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Chapter 2: Q. 152 (page 130)

Kenneth lent his niece \(1,200 to buy a computer. Two years later, she paid him back the \)1,200, plus $96 interest. What

was the rate of simple interest?

Short Answer

Expert verified

Rate of interest is 4%.

Step by step solution

01

Given information.

Pricipal,P=$1200Time,t=2yearsInterest,I=$96Rate,r=?

02

Calculate the interest rate.

Use the following formula and solve for unknown value.

I=Prt96=1200脳r脳296=2400rr=0.04r=4%

So, required rate of interest is 4%.

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