0.1146%
Given
- Principle amount - 5,000
- Simple Interest - 86.00
- Rate of interest - ?
- Time - 15 months
Step by step explanation :
We all know that simple interest is;
- [tex]SI = \frac{p \times r \times t}{100} [/tex]
First of all, we need to find the formula of rate of interest from the first formula. So,
- [tex]SI \times 100 = p \times r \times t[/tex]
- [tex]R = \frac{SI \times 100}{p \times t} [/tex]
Therefore the formula is, rate of a interest is equal to simple interest multiply by 100 over principle amount multiply by time. Lets solve,
- [tex]R = \frac{86.00 \times 100}{5000 \times 15} [/tex]
- [tex]R = \frac{43}{375} [/tex]
Approximately, the rate is 0.1146%.
Correction :
Use the formula for finding the simple interest. Then solve it,
- SI = (5000)(86)(15)/100
- SI = 85.95
- SI = aprox. 86
Note -
- Paki correct nalang po ako kung mali
