Find the annual interest rate I=562.50, P=1,500, T=5 years

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(2) Answers

NissaFitriani

Hi there, 562.5=1500R(5), 562.5/5=1500(R), 112.5=1500R. So, 112.5÷1500=0.075, Therefore, the answer is 7.5%

cebbing

The formula for calculating interest is
I=prt
Since you have values for I, r, and t, we can fill those in to solve for the rate.
562.50 = 1500 × r × 5
562.50 = 7500r
0.075 = r
0.075 converted into a percent is 7.5%
The annual interest rate is 7.5%