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Thread: Calculate the simple interest rate

  1. #1
    Newbie
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    Calculate the simple interest rate

    Hi there,
    Can someone please help me with this question?

    Calculate the simple interest rate charged on the following investment
    round to 2 decimal places.
    Investment value: $14,000
    Returns: $24,000
    Period: 42 months

    Thank you!
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  2. #2
    MHF Contributor
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    Re: Calculate the simple interest rate

    Quote Originally Posted by Brittanys View Post
    Calculate the simple interest rate charged on the following investment:
    (round to 2 decimal places)
    Investment value: 14,000
    Returns: 24,000
    Period: 42 months
    Unclear.
    Assuming no compounding and 10,000 as interest:
    1: calculate amount of interest over 1 year
    2: calculate rate required to result with that amount
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  3. #3
    MHF Contributor

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    Re: Calculate the simple interest rate

    How much interest do you receive? What percent of the original amount is that? How many years is 42 months? The annual rate of interest is that percentage of the original amount divided by the number of years.
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