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Leo wants to borrow \(\$500\)for one year, but he wants to pay no more than \(\$35\) in interest. What is the MAXIMUM interest rate per year that he can agree to pay?

Explanation

From the formula i = prt, you can get the formula \(r=\frac{i}{pt}\). Put 35 in place of i, 500 in place of p, and 1 in place of t.
\(r=\frac{35}{500 \times 1}\)
\(r=\frac{35}{500}=\frac{7}{100}= 7\%\)

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