bryanjimenezvisuals bryanjimenezvisuals
  • 19-10-2020
  • Mathematics
contestada

If you loan $500 to a friend for 6 months and charge $50 total
in interest, what is the annual simple interest rate?

Respuesta :

DaSmartest1
DaSmartest1 DaSmartest1
  • 19-10-2020

Step-by-step explanation:

S=(P×R×T)÷100

R=(100×S)÷P×T, given that S= simple interest, P=principal amount,T=time and R=rate.

R=(100×50)÷500×6

R=1.67

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