Math

If $420 yields $31 in simple interest over 30 months, what is the annual rate?

  1. 👍
  2. 👎
  3. 👁
  1. I = PRT

    31 = 420 * R * 2.5

    31 = 1050R

    31/1050 = R

    0.0295 = R

    Rate = 2.95%

    1. 👍
    2. 👎
    👤
    Ms. Sue

Respond to this Question

First Name

Your Response

Similar Questions

  1. Math help! Check my answers ASAP!

    1. Which graph most likely describes the distance a person walks in a 24-hour period? (1 point) a. Graph IV** b. Graph II c. Graph I d. Graph III 2. A car traveling at 25 mi/h accelerates to 48 mi/h over the first 5 seconds. It

  2. math

    Yvonne put $4,000 in a savings account. At the end of 3 years, the account had earned $960 in simple interest. A. how much does she have in her account at the end of 3 years? B. at what annual simple interest rate did the account

  3. math

    Find the monthly interest payment in the situation described below. Assume that the monthly interest rate is 1 divided by 1/12 of the annual interest rate. You maintain an average balance of ​$780 on your credit​ card, which

  4. math

    Mr. Flores opened an account with a deposit of $5,000 The account earned annual simple interest. He did not make any additional deposits or withdrawals. At the end of 4 years, the balance of the account was $6,500. What is the

  1. Math

    What is the simple interest of $1500 for 4 months at 6&3/4% annual interest

  2. Math

    Find the interest rate. All rates are annual interest rates. 1. Principle $400 rate 5% time 1 year A. $10 B. $20 C. $40 D. $200*** 2. Principle $1000 rate 8.5% time 3 year A. 255*** B. 170 C. 22.5 D. 17 3. Principle $200 rate 9%

  3. Math Pre Algebra

    Find the simple interest. $900 deposited at an interest rate of 3% for 5 years. $1,348 deposited at an interest rate of 2.5% for 18 months.

  4. Math

    $300 at 5% annual interest for 7 years Find the simple interest earned in the account. A: $214.29 B: $11.67 C:$420.00 D: $105.00

  1. Math

    Asher cashed in a one-year term deposit after only five months had elapsed. In order to do so, he accepted an interest rate penalty—a reduction from the scheduled 5.5% rate of simple interest. If he was paid $145.83 interest on

  2. Finance

    Find the future value of $10,000 invested now after five years if the annual interest rate is 8 percent. a. What would be the future value if the interest rate is a simple interest rate? b. What would be the future value if the

  3. Math

    The present value of the money in your savings account is $420, and you're receiving 3% annual interest compounded monthly. What is the future value in two months?

  4. Math- Interest Rates

    Yvonne put $4,000 in a savings account. At the end of 3 years, the account had earned $960 in simple interest. A. how much does she have in her account at the end of 3 years? B. at what annual simple interest rate did the account

You can view more similar questions or ask a new question.