Answered

you earned 139.20 in simple interest off of 1450 investment in 8 years. What is your annual percentage rate?(Expressed as a percent)

Answer :

absor201

The annual percentage rate is: 1.2%

Step-by-step explanation:

The formula for calculating simple interest is:

[tex]I = Prt[/tex]

Here

P is the principal amount

r is the interest rate

t is the time in years

We are Given:

[tex]P = 1450\\t = 8\ years\\I = 139.20[/tex]

Putting the values in the formula

[tex]139.20 = 1450 * r * 8\\139.20 = 11600r[/tex]

Dividing both sides by 11600

[tex]\frac{11600r}{11600} = \frac{139.20}{11600}\\r = 0.012[/tex]

Converting into percentage

r  = 0.012*100

r = 1.2%

Hence,

The annual percentage rate is: 1.2%

Keywords: Percentage, interest

Learn more about simple interest at:

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