Angeline borrowed 15000 and paid back 168000 at the end of three years what is the simple interest rate given to angeline

To find the simple interest rate given to Angeline, we can use the formula for simple interest:

\[
A = P + SI
\]

Where:
- \( A \) = Total amount paid back (168000)
- \( P \) = Principal amount borrowed (15000)
- \( SI \) = Simple Interest

The Simple Interest (\( SI \)) can be calculated as:

\[
SI = A - P = 168000 - 15000
\]

Next, the Simple Interest formula is given by:

\[
SI = P \times r \times t
\]

Where:
- \( r \) = Interest rate (unknown)
- \( t \) = Time period in years (3 years)

We can rearrange this formula to solve for \( r \):

\[
r = \frac{SI}{P \times t}
\]

Let’s calculate it step-by-step.The simple interest rate given to Angeline is **340%** per year.

Would you like more details, or do you have any questions? Here are some related questions you might find interesting:

1. How does the simple interest formula differ from compound interest?
2. What would the total amount be if the interest rate was 10% instead?
3. How can you calculate the interest rate if given the principal, amount, and time?
4. What happens to the total amount if the time period is extended?
5. How does the principal amount affect the interest rate?

**Tip:** Always ensure that time periods and rates are consistent in calculations, such as using years for both rate and time.

Angeline borrowed 15000 and paid back 168000 at the end of three years. What is the simple interest rate given to Angeline?

Discover how to calculate the simple interest rate for a loan where Angeline borrowed 15000 and paid back 168000 after three years. This problem demonstrates the simple interest formula and is suitable for students in Grades 8-10.

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