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OpenStudy (anonymous):
The simple interest on an investment of $8000 for one year is $360. What is the interest rate? A.0.045% B.0.45% C.4.5% D.45%
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OpenStudy (anonymous):
A
OpenStudy (anonymous):
how do you know it is A. can you explain?
OpenStudy (ranga):
Not A.
OpenStudy (anonymous):
ok then what would it be
OpenStudy (texaschic101):
I = PRT (interest = principle * rate * time)...but since we are looking for R. lets change the formula around..... I / PT = R I = 360 P = 8000 T = 1 Now we sub 360/(8000)(1) = R 360/8000 = R 0.045 = R....change to a percent = 4.5% (C)
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OpenStudy (anonymous):
oh thank you. i like how you explained it. thank you for your help
OpenStudy (texaschic101):
glad to help :)
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