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19 September, 21:16

Miwa borrows $1250 for 1 year. At the end of the year, she pays $112.50 in interest. Find the rate of interest she was charged.

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  1. 19 September, 22:22
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    Answer: 10%

    Step-by-step explanation: The formula to calculate simple interest is Interest = Principal x Rate x Time

    With the number in the formula, 112.50 = 1,250 x r x 1

    Simplify:

    112.50 = 1,250r

    Divide both sides by 1,250:

    .1 = r

    Therefore, the rate is 10%
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