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Popular Word Problems >

Find the interest rate if 2,898 interest was earned from a principal of 23,000 invested for 3 years.

Solution

solve for

t h e in t eres t r a t e i f 2, 898 in t eres t w a s e a r n e d f ro m a p r in c i p a l o f 23, 000 in v es t e d f or 3 ye a rs .

Solution

Rate : 4.2%

Solution steps

Translate the problem into an equation:

2898 = 23000 r \cdot 3

Solve for

r, 2898 = 23000 r \cdot 3 : r = 4.2%

Rate : 4.2%

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