What is the interest on $600 for 5 years is $210.What is the percentage rate?
600 x rate x 5 yrs = 210.
Solve for rate, then multiply by 100.
To find the percentage rate, you can use the formula for simple interest:
Interest = Principal x Rate x Time
In this case, you have the following information:
Principal (P) = $600
Interest (I) = $210
Time (T) = 5 years
Now, you can rearrange the formula to solve for the rate (R):
Rate = Interest / (Principal x Time)
Substituting the values into the formula:
Rate = $210 / ($600 x 5)
Simplifying:
Rate = $210 / $3000
Finally, divide the numerator by the denominator:
Rate = 0.07
Now, to convert the decimal into a percentage, multiply the rate by 100:
Rate = 0.07 x 100 = 7%
Therefore, the percentage rate for an interest of $210 on $600 over a period of 5 years is 7%.