If the simple interest on $5000 for 3 years is $900, then what is the interest rate?
Answers
Answered by
1
Answer:
If the simple interest on $5000 for 3 years is $900, then what is the interest rate?
Answered by
1
Answer: 6%
Step-by-step explanation:
Interest = Principal × Rate × Time
900 = 5000 × Rate × 3
900 = 15000 × Rate
Rate = 0.06
As a decimal, the rate is 0.06, to find the percent, simply multiply by 100
0.06 × 100 = 6
6%
Similar questions