Question

If the simple interest on $6,000 for 9 years is $3,240 , then what is the interest rate?

Answer 1

Rate of interest is 6 %

Solution:

Given in question that,

simple interest = $ 3240

number of years = 9 years

principal sum = $ 6000

To find: interest rate

The simple interest is given as:

$S.I = \frac{pnr}{100}$

Where, "p" is the principal

"r" is the rate of interest

"n" is the number of years

Substituting the values in above formula,

$3240 = \frac{6000 \times 9 \times r}{100}\\\\3240 = 60 \times 9 \times r\\\\3240 = 540 \times r\\\\r = \frac{3240}{540}\\\\r = 6$

Thus rate of interest is 6 %