If the simple interest on $1 comma 000 for 2 years is $120, then what is the interest rate?
1 answer:
Answer:
6%
Step-by-step explanation:
To solve this problem we can use a modified version of the simple interest formula which is shown below:
<em>I = interest amount
</em>
<em>P = principal amount
</em>
<em>t = time (years)
</em>
<em />
Lets plug in the values:
The last step is to convert 0.06 into a percent:
0.06(100) = 6
The interest rate is 6%.
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