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Popular Word Problems >

What is the simple interest rate on a 1350 investment paying 1,010.61 interest in 19.7 years?

Solution

Wha t i s t h e s im pl e in t eres t r a t e o n a 1350 in v es t m e n t p a y in g 1, 010.61 in t eres t in 19.7 ye a rs ?

Solution

Rate : 3.8%

Solution steps

Translate the problem into an equation:

1010.61 = 1350 r \cdot 19.7

Solve for

r, 1010.61 = 1350 r \cdot 19.7 : r = 3.8%

Rate : 3.8%

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