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

1 Answer
Oct 25, 2016

Answer:

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%#