Determine the interest rate for a $2000
1 answer:
Answer:
6%
Step-by-step explanation:
Simple interest=principal×rate×time
Interest=$360
Principal=$2000
Rate=r
Time=3 years
Simple interest=principal×rate×time
360=2000×r×3
360=6000r
r=360/6000
=0.06
r=0.06×100
=6%
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