How to solve the interest rate when the following are given: Days 30days, Principal (21,825.51) Interest (82.45)

To find the interest rate when you are given the principal, the interest, and the time (in days), you can use the following formula for simple interest:

\[
\text{Interest} = P \times r \times t
\]

Where:
- $ P $ is the principal amount (21,825.51),
- $ r $ is the annual interest rate (this is what we are solving for),
- $ t $ is the time in years (since time is given in days, we need to convert 30 days into years by dividing by 365),
- $\text{Interest}$ is 82.45.

### Step 1: Convert Days to Years
\[
t = \frac{30}{365}
\]

### Step 2: Rearrange the Formula to Solve for $r$
\[
r = \frac{\text{Interest}}{P \times t}
\]

### Step 3: Plug in the Values
\[
r = \frac{82.45}{21,825.51 \times \frac{30}{365}}
\]

Let me calculate that for you.The annual interest rate is approximately **4.60%**.

Would you like further details or have any questions?

Here are 5 related questions to consider:
1. How do we calculate compound interest instead of simple interest?
2. How would the interest rate change if the period were 60 days?
3. What would be the interest if the rate were compounded monthly?
4. How does the interest rate affect the total repayment amount in a loan?
5. Can the interest formula be adjusted for inflation or varying rates?

**Tip:** Always double-check whether interest is compounded or simple, as it can significantly affect the total amount paid or received.

How to solve the interest rate when the following are given: Days 30 days, Principal (21,825.51) Interest (82.45)

Learn how to calculate the annual interest rate for a 30-day period with a principal of $21,825.51 and an interest amount of $82.45. This guide covers key concepts in simple interest calculations and provides a step-by-step solution. Ideal for students in Grades 10-12.

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