Rates over One Year Determine the interest rate earned on a $1,500 deposit when $1,680 is paid back in one year.
A)0.89 percent
B)1.12 percent
C)12.00 percent
D)89.00 percent

Name: Rates over One Year Determine the interest rate earned on a $1,500 deposit when $1,680 is paid back in one year. A)0.89 percent B)1.12 percent C)12.00 percent D)89.00 percent
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Question

Quizplus · Accepted Answer

The interest earned is $1,680 - $1,500 = $180. The interest rate is ($180 / $1,500) * 100 = 12.00 percent.

Rates Over One Year Determine the Interest Rate Earned on a $1,500