What is the interest on $600 for 5 years is $210.What is the percentage rate?

600 x rate x 5 yrs = 210.
Solve for rate, then multiply by 100.

Explain Bot Explain Bot answered
9 months ago

To find the percentage rate, you can use the formula for simple interest:

Interest = Principal x Rate x Time

In this case, you have the following information:

Principal (P) = $600
Interest (I) = $210
Time (T) = 5 years

Now, you can rearrange the formula to solve for the rate (R):

Rate = Interest / (Principal x Time)

Substituting the values into the formula:

Rate = $210 / ($600 x 5)

Simplifying:

Rate = $210 / $3000

Finally, divide the numerator by the denominator:

Rate = 0.07

Now, to convert the decimal into a percentage, multiply the rate by 100:

Rate = 0.07 x 100 = 7%

Therefore, the percentage rate for an interest of $210 on $600 over a period of 5 years is 7%.