How many percent interest if I borrow 35000 and the intetest in 1 year is 8778.04?

To find the interest rate as a percentage, we can use the formula for simple interest:

\[
\text{Interest Rate} = \left(\frac{\text{Interest}}{\text{Principal}}\right) \times 100
\]

Here:
- Principal (P) = 35,000
- Interest (I) = 8,778.04

Plugging in the values:

\[
\text{Interest Rate} = \left(\frac{8778.04}{35000}\right) \times 100
\]

Let's calculate this.

\[
\text{Interest Rate} = \left(\frac{8778.04}{35000}\right) \times 100 \approx 25.08\%
\]

So, the interest rate is approximately **25.08%**.

Would you like more details or have any questions?

Here are some related questions you might find useful:
1. How do you calculate the total amount to be paid back with interest?
2. What is the difference between simple and compound interest?
3. How does the interest rate affect the total repayment amount?
4. What would the interest be for different principal amounts at the same rate?
5. How do loan terms (e.g., 1 year vs. 5 years) affect the interest rate?

**Tip:** Always check if the interest is simple or compound, as it significantly affects the total amount of interest paid over time.

How many percent interest if I borrow 35000 and the interest in 1 year is 8778.04?

Learn how to calculate the interest rate for a loan of 35000 when the interest earned in 1 year is 8778.04. This problem explores key mathematical concepts such as simple interest and percentage calculation. Suitable for Grades 9-10 students.

Math Problem Statement

Solution

Ask a new question for Free

By Image

Math Problem Analysis

Mathematical Concepts

Formulas

Theorems

Suitable Grade Level

Related Recommendation