Find the rate. Round to the nearest tenth of a percent.
-Principal: $8,000
Time: 90 days
Interest: $140.00
A)34.6%
B)7.0%
C)7.1%
D)1.8%

Question

Quizplus · Accepted Answer

The rate can be found using the simple interest formula: I = PRT, where I is the interest, P is the principal, R is the rate, and T is the time in years. Given I = $140, P = $8000, and T = 90/365 (since there are 365 days in a year), solving for R gives R ≈ 0.07, or 7.0% when rounded to the nearest tenth of a percent.

Find the Rate