Question

What rate of simple interest per annum would need to be charged on a loan of $20,000 if you wanted to earn $3000 in interest over 2 years?

Answer 1

Step-by-step explanation:

principal:-20000

interest:-3000

time period:-2 years

To Find:-rate%

(simple interest)

Solution.....

SI(simple interest)=p×r×t/100

3000=20000×r×2/100

3000×400=r%

r%=7.5%.......answer

HOPE IT HELPS.....