Simple interest: find the interest rate
Use interest = principal × rate × time, with the rate as a percent per year.
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$700 earns $70 simple interest in 1 year. What is the yearly interest rate? Write the percent only.
Answer: 10
$600 earns $12 simple interest in 1 year. What is the yearly interest rate? Write the percent only.
Answer: 2
$600 earns $24 simple interest in 2 years. What is the yearly interest rate? Write the percent only.
Answer: 2
Tip: Use interest = principal × rate × time, with the rate as a percent per year.
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