Find the simple rate
Principal $2400
Rate 10 1/2%
Time in years 1 1/2
Did you mean find the simple interest?
If so... here is the method to use.
Interest = Principle x Rate x time
P = 2400
R = 10.5% use .105 in the formula
T = 1.5
Yes Meant interest
Then you just have to multiply 2400 x .105 x 1.5
To find the simple interest rate, we can use the formula:
Simple Interest = (Principal * Rate * Time) / 100
Given:
Principal = $2400
Rate = 10 1/2% = 10.5%
Time = 1 1/2 years = 1.5 years
Now let's substitute the values into the formula:
Simple Interest = (2400 * 10.5 * 1.5) / 100
To simplify calculations, we can convert the rate from percentage to decimal:
10.5% = 10.5 / 100 = 0.105
Now we can continue with the calculation:
Simple Interest = (2400 * 0.105 * 1.5) / 100
= (252 * 1.5) / 100
= 378 / 100
= $3.78
Therefore, the simple interest is $3.78.