andrewsucksatmath andrewsucksatmath

01-03-2017
Mathematics

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Find the annual interest rate. I=$562.50, P=$1500, t=5 years I $ 562.50 P $ 1500 t 5 years The annual interest rate is %

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01-03-2017

I = PRT 562.5 = 1500 R(5)
562.5/5 =1500 R
112.5 = 1500 R
112.5 / 1500 = R
0.075 = R
R = 7.5%

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