Answer:
The Rate of Interest = 12.5 % on P = $9,000.
Step-by-step explanation:
The principal amount = $9,000
Let the rate of interest = R
Time = 8 months = (8/12) year = 2/3 year
Simple Interest = $750
SIMPLE INTEREST = [tex]\frac{P \times R \times T}{100} \\\implies 750 = \frac{9,000 \times R \times 2}{3 \times 100} \\[/tex]
or, [tex]750 = \frac{18,000 \times R}{300} \\\implies 750 \times 300 = 18,000 R[/tex]
or, R = 2,25,000/18,000 = 12.5
⇒ R = 12.5%
Hence, the Rate of Interest = 12.5 % on P = $9,000.
