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You have a principal balance in your savings account of $1200. After 1 year, you earn $24 of interest. What is the interest rate?

You have a principal balance in your savings account of $1200. After 1 year, you earn $24 of interest. What is the interest rate?
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You have a principal balance in your savings account of $1200. After 1 year, you earn $24 of interest. What is the interest rate?

asked
User Lova
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8.0k points

1 Answer

4 votes
1200x=24
x=24/1200
x=.02
So the answer is 2%
answered
User Thedric Walker
by
8.3k points
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