If $1600 earned simple interest of $56.24 in 2 months, what was the simple interest rate? the simple interest rate is % (do not round until the final answer. then round to the nearest tenth as needed.)

The interest rate is of 21.09% a year.

Step-by-step explanation:

This is a simple interest problem.

The simple interest formula is given by:

In which E are the earnings, P is the principal(the initial amount of money), I is the interest rate(yearly) and t is the time.

So, for our problem, we have:

If $1600 earned simple interest of $56.24 in 2 months, so:

.

The interest value is a yearly value, however the time is given in months. This means that we have to divide the time by 12(that is the number of months in a year). So

Solution:

The interest rate is of 21.09% a year.

these sign is used to tell weather the number is greater or less than the number   <   or >     but this sign means its equal =    

hope this you and

step-by-step explanation:

the multiples of 15 are 15, 30,45, 60, 75, 90, 105, 120, 135, 150, 165, 180, 195,   210, 225, 240, 255, 270, 285, 300, 315, 330, 345, 360, 375,   390, 405, 420, 435, 450, 465, 480, 495, 510, 525, 540, 555, 570, 585, 600, 615, 630, 645, 660, 675, 690, 705, 720, and 735.

the factors of 15 are 1, 3, 5, and 15.

hope that , fam!

-une, your fren : )