Respuesta :
Answer:
Step-by-step explanation:
The formula for determining simple interest is expressed as
I = PRT/100
Where
P represents the principal or initial amount invested or collected as a loan.
R represents interest rate.
T represents the duration of time in years before the loan is bald back.
From the information given,
P = 1290
I = 5.75
Since there are 365 days in a year,
t = 65/365 = 0.1781 years
Therefore,
5.75 = (1290 × r × 0.1781)/100
5.75 = 229.749r/100 = 2.29749r
r = 5.75/2.29749
r = 2.5027
Rounding to the nearest percent,
r = 3%
Answer:
Simple Interest Rate = 2.5%
Step-by-step explanation:
Simple Interest =(Principal * Rate of Interest * Time) / 100
Principal = $1290
Simple Interest = $5.75
Time = 65 days
Converting it into years assuming 360 days in a year, Time = 65/360 years
[tex]\[5.75 = \frac{(1290 * Rate * \frac{65}{360})}{100}\][/tex]
Simplifying,
[tex]\[5.75 *100 = (1290 * Rate * \frac{65}{360})}\][/tex]
[tex]\[=> Rate=\frac{5.75 * 100 * \frac{360}{65}}{1290}\][/tex]
[tex]\[=> Rate=2.468%\][/tex]
Rounding off to the nearest tenth of percent,
Rate = 2.5%
