Explanation Given Information: Principal invested is $ 5 , 000 , time period is 3 years and interest amount is $ 1 , 200 . Formula used: The formula to compute the rate of interest is, R = I P T Where, P is the principal amount, I is the amount of interest, R is the rate of interest and T is the time period. Calculation: Consider that interest amount is $ 1 , 200 , principal invested is $ 5 , 000 , time period is 3 years

Contemporary Mathematics for Business & Consumers - With LMS CengageNOW

8th Edition

ISBN: 9781337125468

Author: Brechner

Publisher: Cengage

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Chapter 10.II, Problem 8RE

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To calculate: The rate of interest where principal invested is $5,000, time period is 3 years and interest amount is $1,200 and round the answer to nearest tenth of a percent.

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Chapter 10.II, Problem 7RE

Chapter 10.II, Problem 9RE

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Chapter 10 Solutions

Contemporary Mathematics for Business & Consumers - With LMS CengageNOW

Ch. 10.I - Find the amount of interest on each of the...Ch. 10.I - Joe Hale goes to a credit union and borrows...Ch. 10.I - Prob. 3TIE Ch. 10.I - Prob. 4TIE Ch. 10.I - a. A loan was made on April 4 and had a due date...Ch. 10.I - a. What is the maturity date of a loan taken out...Ch. 10.I - Prob. 1RE Ch. 10.I - Prob. 2RE Ch. 10.I - Prob. 3RE Ch. 10.I - Prob. 4RE

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The rate of interest where principal invested is $ 5 , 000 , time period is 3 years and interest amount is $ 1 , 200 and round the answer to nearest tenth of a percent.

Solution Summary: The author calculates the rate of interest using the formula R=IPT.

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To calculate: The rate of interest where principal invested is $5,000, time period is 3 years and interest amount is $1,200 and round the answer to nearest tenth of a percent.

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Chapter 10 Solutions