The simple interest rate is 4.7%
How to determine the simple interest rate?
The given parameters are:
Principal = $2100
Interest = $1,559.46
Time = 15.8 years
The simple interest is calculated as:
I = PRT
Make R the subject
R = I/(PT)
So, we have:
R = 1559.46/(2100 * 15.8)
Evaluate
R = 0.047
Express as percentage
R = 4.7%
Hence, the simple interest rate is 4.7%
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