SOLUTION: At what simple interest rate was P312,000 invested if it earned an interest of P24,102 just after 1.5 yrs?

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Question 1184705: At what simple interest rate was P312,000 invested if it earned an interest of P24,102 just after 1.5 yrs?
Answer by ikleyn(52799) About Me  (Show Source):
You can put this solution on YOUR website!
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Use the base formula


    I = P*r*t,


where I is the interest, P is the principal, r is the annual simple interest rate, t is the time.


From the formula,


    r = I%2F%28P%2At%29 = 24102%2F%28312000%2A1.5%29 = 0.0515 = 5.15%.    ANSWER

Solved.


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To see many other similar  (and different)  solved problems on simple interest accounts,  look into the lesson
    - Simple interest percentage problems
in this site.


Learn the subject from there.