Question

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

Answer 1

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%

Answer 2

Answer:

6%

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%