Respuesta :
To find the simple interest we'll plug it into one of the two available formulas. I will use both formulas so you can determine which is easiest for you, for future problems.
r = I/Pt or I = Prt
(the / represents division)
Let's define and plug.
r = the rate (we'll be solving for r)
I = the total interest earned within the time frame ($2)
P= the principal amount ($100)
t = the total time the principal accrued interest. (6 months/ .5years)
**Because this is in a monthly basis, lets change it into a year to make it easier**
we'll just divide 6 months by 12 months.
6 ÷ 12 = 0.5 years
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Let's use the first formula first. r = I / Pt
r = 2 / 100 (0.5)
100 x 0.5 = 50
We're now left with: r = 2 / 50
Divide what we have left.
2 ÷ 50 = 0.04
This is our simple interest but we have to convert it into a percentage. To convert the decimal to the percentage, we'll move the decimal two places to the right to make 4.0.
Therefore, our simple interest would be 4%
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let's set up the second formula: I = Prt
2 = 100 (r) (0.5)
2 = 50 (r)
2 ÷ 50 = 0.04
0.04 in percentage = 4%
You can use the simple interest formula to calculate the interest rate.
The annual interest rate for the given condition is 4%
What is the formula for simple interest rate?
To find the simple interest on a given amount P at rate R% annually for time T years, we have this formula:
[tex]S. I = \dfrac{P \times T \times R}{100}[/tex]
(this division by 100 is to convert R from 0 to 1 scale. For example, if R = 5%, then the converted form would be 5/100 = 0.05)
How to use the simple interest formula to calculate the interest rate?
Since we already have the principal amount P(the initial amount), and the time (6 months = half year = 1/2 year = 0.5 year) and the interest amount SI is 2, thus putting these values in the simple interest formula we get:
[tex]S. I = \dfrac{P \times T \times R}{100}\\\\2 = \dfrac{100 \times 0.5 \times R}{100}\\\\2 = 0.5 \times R\\\\R = \dfrac{2}{0.5} = 4\%[/tex]
Thus, the rate of simple interest for given condition is 4%
Learn more about simple interest here:
https://brainly.com/question/5319581
