At what rate would you earn $150 in interest on $5,000 for one year?

1 Answer
Nov 17, 2016

Answer:

Rate of interest should be #3%#

Explanation:

Let #R# be the rate , #I# be the interest, #P# be the principal , #T# be the time in year.
Here #I=150; P=5000 ; T=1 ; R=?#

We know #I=(P*R*T)/100 or R=(I*100)/(P*T) ; R= (150*100)/(5000*1)=3%#[Ans]