I have £520 interest of £50000, what is the rate of interest please?

Question

The rate of interest I am getting.  £520 for £50000

Answer 1

For simple interest:

     Interest = Principle × Rate × Time

     520 = 50,000 × Rate × Time

 

If the time is one year, then:

     520 = 50,000 × Rate × 1

     520 = 50,000 × Rate

     520/50,000 = Rate

 

Convert to a percent.