What is the simple interest rate on a $750 investment paying $177.25 in 4.7 years
The simple interest rate can be calculated as:
I = PRT
Where I is the interest earned, P is the principal amount, R is the interest rate, and T is the time period.
We know that P = $750, I = $177.25, and T = 4.7 years. We can plug these values into the formula and solve for R:
177.25 = 750 * R * 4.7
177.25 = 3525R
R = 177.25 / 3525
R = 0.05 or 5%
Therefore, the simple interest rate on a $750 investment paying $177.25 in 4.7 years is 5%.
You deposit $1010 in a savings account paying 3.6% simple interest. How much interest will you earn in 3 years
To calculate the simple interest earned, we can use the formula:
I = P * R * T
where P is the principal amount, R is the interest rate, and T is the time period.
Given that P = $1010, R = 3.6% or 0.036 (expressed as a decimal), and T = 3 years, we can substitute these values into the formula:
I = $1010 * 0.036 * 3
I = $109.08
Therefore, you will earn $109.08 in simple interest over 3 years on a deposit of $1010 in a savings account at a 3.6% per annum simple interest rate.
To calculate the simple interest rate, we need to use the formula:
Simple Interest = Principal * Rate * Time
Given:
Principal = $750
Simple Interest = $177.25
Time = 4.7 years
We can rearrange the formula to solve for the interest rate:
Rate = Simple Interest / (Principal * Time)
Plugging in the given values:
Rate = $177.25 / ($750 * 4.7)
To find the answer, we can now divide $177.25 by the product of $750 and 4.7.