Question

Find the annual interest rate. I= $15 P= $400 t= 9 months What is the annual interest rate, I would love for the answer to be right to the point.

Answer 1

5% interest rate

Explanation:

I=PRT- interest rate formula

15=400*0.75*r -(0.75 bcz 9/12=0.75)

15/300=300r/300

r=0.05

the interest rate is 5%