Question

Derek deposited P3,000 in a simple interest account 3 years ago. He has earned P360 in interest so far. What is the interest rate for his account?

Answer 1

Answer:

Rate is 4%

Step-by-step explanation:

principal Amount = p3000

Intrest= p360

No of years = 3

let the rate be R

Formula

Simple Intrest = principal x Rate/100 x No. of years

p360 = p3000 x Rate/100 x 3

Rate = p360 x 100

p3000 x 3

Rate = 4