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OpenStudy (anonymous):
Formula for rate of interest???
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OpenStudy (anonymous):
If $700 earns $112 simple interest in 2 years, find the rate of interest. If I could just get the formula for it and description of what each variable in the formula means or represents I could do the rest.
OpenStudy (wolf1728):
Simple Interest Interest = rate * Principal * time periods 112.00 = rate * 700.00 * 2 rate = 112.00/1,400.00 rate = .08 or rate = 8%
OpenStudy (anonymous):
Okay thank you so much! No one has been able to help me with this until now. You are literally a life saver right now, haha
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