Question

How do you find the rate given principal $200, time 3 years, and interest amount $30?

Answer 1

Rate is `5%`

Explanation:

I will assume that we are using Simple Interest.

THe formula is `SI = (PRT)/100`

But we need to re-arrange the formula to make R the subject"

`R = (100SI)/(PT)" "` once we have this, substitute the values.

`R = (100xx30)/(200 xx3)`

`R= 5%`