1 year ago

What is the simple interest rate on a $2100 investment paying $1,559.46 interest in 15.8 years?

Mathematics

1 answer:

cluponka [151]1 year ago

8 0

The simple interest rate is 4.7%

<h3>How to determine the simple interest rate?</h3>

The given parameters are:

Principal = $2100

Interest = $1,559.46

Time = 15.8 years

The simple interest is calculated as:

I = PRT

Make R the subject

R = I/(PT)

So, we have:

R = 1559.46/(2100 * 15.8)

Evaluate

R = 0.047

Express as percentage

R = 4.7%

Hence, the simple interest rate is 4.7%

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