Find the rate percent which will you simple interest of 20.00 on200.00 for 2 1/2 years
To find the rate percent for simple interest, we can use the formula:
Simple Interest = (Principal × Rate × Time) / 100
In this case, the Principal is $200.00, the Simple Interest is $20.00, and the Time is 2 1/2 years.
Let's substitute these values into the formula and solve for the Rate:
$20.00 = ($200.00 × Rate × 2.5) / 100
To remove the fraction, let's convert 2 1/2 years to its decimal form. 2 1/2 years is equal to 2.5 years.
$20.00 = ($200.00 × Rate × 2.5) / 100
Now we can solve for the Rate. Multiply both sides of the equation by 100 to remove the fraction:
$20.00 × 100 = $200.00 × Rate × 2.5
2000 = $500.00 × Rate
To isolate the Rate, divide both sides of the equation by $500.00:
Rate = 2000 / $500.00
Rate = 4
Therefore, the rate percent that will give a simple interest of $20.00 on $200.00 for 2 1/2 years is 4%.