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2 years ago

If the simple interest on $5000 for 5 years is $1500 then what is the interest rate?

Mathematics

2 answers:

hjlf2 years ago

8 0

15%?

Its 15 because it just is because I am big brain.

Its the thingy because 5 and 5 and another 5 plus 1500 = 15%

No idea how I came up with 15%

SashulF [63]2 years ago

4 0

Answer:

Step-by-step explanation:

Simple interest: A = P(1 + rt)

Solve for r: r = (1/t)((A/P) - 1)

Given:

A = $1500 + $5000 = $6500

P = $5000

t = 5 yrs

r = (1/5)((6500/5000) - 1)

= (1/5)(0.3)

= 0.06

0.06 = 6%

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If the simple interest on $5000 for 5 years is $1500 then what is the interest rate?​

If the simple interest on $5000 for 5 years is $1500 then what is the interest rate?