If the simple interest on $4000 for 10 years is $3,200 then what is the interest rate?

Question

asked Jul 8, 2023 187k views

2 Answers

Tony Brix · Answer 1 · 2023-07-14T11:21:16+0000

Solution,

Given, Principal (P)= Rs. $ 4000

Time(T) = 10 yrs.

Simple Interest (I)= Rs. $3,200

Rate of interest (R)= ?

Therefore, We know that,

Rate of interest (R)= I*100/PT

= 3200*100/4000*10

= 8%

Hence, Rate of interest is 8%.