Renee used the values in the table to calculate simple interest. Principal$750Interest rate?Time11 yearsInterest$412.50Which interest rate is missing from Renee’s table?
Answer
A
0.05%
B
0.5%
C
5%
D
50%
Explanation
Use the simple interest formula I = Prt. The rate is r = 412.50 ÷ (750 × 11) = 0.05, which is 5%. So the missing rate is 5%, choice C.
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