A simple interest on 450.00 for 4years is 450.00 for a years is 45.00. Find the rate of interest
To find the rate of interest, we can use the formula for simple interest:
Simple Interest = Principal x Rate x Time
Given that the simple interest for 1 year is $45.00, and the principal is $450.00, we can plug these values into the formula:
45.00 = 450.00 x Rate x 1
Solving for Rate:
Rate = 45.00 / 450.00
Rate = 0.10 or 10%
Therefore, the rate of interest is 10%.