Interest Rate 205Dea
1. **State the problem:**
Mr. Shi Zu borrowed 90780 and paid 750 interest after 2 months. We need to find the interest rate.
2. **Formula used:**
The simple interest formula is:
$$I = P \times r \times t$$
where:
- $I$ is the interest,
- $P$ is the principal (amount borrowed),
- $r$ is the interest rate per year (in decimal),
- $t$ is the time in years.
3. **Convert time to years:**
Since 2 months is $\frac{2}{12} = \frac{1}{6}$ years, we have:
$$t = \frac{1}{6}$$
4. **Substitute known values:**
$$750 = 90780 \times r \times \frac{1}{6}$$
5. **Solve for $r$:**
Multiply both sides by 6:
$$750 \times 6 = 90780 \times r$$
$$4500 = 90780 \times r$$
Divide both sides by 90780:
$$r = \frac{4500}{90780}$$
6. **Calculate $r$:**
$$r \approx 0.04956$$
7. **Convert to percentage:**
$$r \times 100 \approx 4.956\%$$
**Final answer:** The interest rate is approximately **4.96% per year**.