To find Rate when Principal Interest and Time are given
To find Rate when Principal Interest and Time are given the rules are.
Interest = (Principal × Rate × Time)/100
Rate = (100 × Interest)/(Principal × Time)
Examples to find Rate when Principal, Interest and Time are given:
1. Find Rate, when Principal = $ 3000; Interest = $ 400; Time = 3 years.
Solution:
Principal = $ 3000,
Interest = $ 400,
Time = 3 years.
Rate = (100 × Interest)/(Principal × Time)
= (100 × 400)/(3000 × 3)
= 40000/9000
= 4.44 %
Therefore, Rate = 4.44 %.
2. Find Rate, when Principal = $ 2100; Interest = $ 350; Time = 2 years.
Solution:
Principal = $ 2100,
Interest = $ 350,
Time = 2 years.
Rate = (100 × Interest)/(Principal × Time)
= (100 × 350)/(2100 × 2)
= 35000/4200
= 8.33 %
Therefore, Rate = 8.33 %.
3. Find Rate, when Principal = $ 10000; Interest = $ 800; Time = 5 years.
Solution:
Principal = $ 10000,
Interest = $ 800,
Time = 5 years.
Rate = (100 × Interest)/(Principal × Time)
= (100 × 800)/(10000 × 5)
= 80000/50000
= 1.6 %
Therefore, Rate = 1.6 %.
4. Richard deposits 5400 and got back an amount of 6000 after 2 years. Find Richard's interest rate.
Solution:
Amount deposited by Richard = 5400
He received the amount of money after 2 years = 6000
Simple Interest = 6000 – 5400
= 600
Principal = $ 5400
Interest = $ 600,
Time = 2 years.
Rate = (100 × Interest)/(Principal × Time)
= (100 × 600)/(5400 × 2)
= 60000/10800
= 50/9
= 5.555….
= 5.56 %
(Nearest to two decimal place)
Therefore, Rate = 5.56 %.
Word Problems on Simple Interest.
In Simple Interest when the Time is given in Months and Days.
To find Principal when Time Interest and Rate are given.
To find Rate when Principal Interest and Time are given .
To find Time when Principal Interest and Rate are given.
Worksheet on Factors affecting Interest
5th Grade Numbers Page
5th Grade Math Problems
From To find Rate when Principal Interest and Time are given to HOME PAGE
Didn't find what you were looking for? Or want to know more information about Math Only Math. Use this Google Search to find what you need.
Recent Articles
-
Long Division Method with Regrouping and without Remainder | Division
Jan 23, 25 02:15 PM
We will discuss here how to solve step-by-step the long division method with regrouping and without remainder. Consider the following examples: 468 ÷ 3 -
Long Division Method Without Regrouping and Without Remainder | Divide
Jan 23, 25 10:44 AM
We will discuss here how to solve step-by-step the long division method without regrouping and without remainder. Consider the following examples: 1. 848 ÷ 4 -
Relationship between Multiplication and Division |Inverse Relationship
Jan 23, 25 02:00 AM
We know that multiplication is repeated addition and division is repeated subtraction. This means that multiplication and division are inverse operation. Let us understand this with the following exam… -
Divide by Repeated Subtraction | Division as Repeated Subtraction
Jan 22, 25 02:23 PM
How to divide by repeated subtraction? We will learn how to find the quotient and remainder by the method of repeated subtraction a division problem may be solved. -
Terms Used in Division | Dividend | Divisor | Quotient | Remainder
Jan 22, 25 10:52 AM
The terms used in division are dividend, divisor, quotient and remainder. Division is repeated subtraction. For example: 24 ÷ 6 How many times would you subtract 6 from 24 to reach 0?
New! Comments
Have your say about what you just read! Leave me a comment in the box below. Ask a Question or Answer a Question.