If the simple interest on $1,000 for 5 years is $300, then what is the interest rate?

Mathematics

1 answer:

pantera1 [17]3 years ago

8 0

Answer:

6%/year

Step-by-step explanation:

Solving our equation

r = 300 / ( 1000 × 5 ) = 0.06

r = 0.06

converting r decimal to a percentage

R = 0.06 * 100 = 6%/year

The interest rate required to

accumulate simple interest of $ 300.00

from a principal of $ 1,000.00

over 5 years is 6% per year.

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