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If $500 yields $43.49 in simple interest over 7 years, what is the annual rate?

If $500 yields $43.49 in simple interest over 7 years, what is the annual rate?
asked 50.8k views
17 votes
If $500 yields $43.49 in simple interest over 7 years, what is the annual rate?

asked
User Jeff Wu
by
7.6k points

1 Answer

12 votes

Answer:

1.24 %

Explanation:

500 * x * 7 = 43.49

x = 43.49/(7*500) = .0124 1.24 %

answered
User Christian Stewart
by
8.8k points
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