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2 years ago

If the simple interest on $6,000 for 3 years is $1,620, then what is the interest rate?

Mathematics

1 answer:

Volgvan2 years ago

3 0

Answer:

Interest rate: 9%

Step-by-step explanation:

Using the simple interest formula: A=P(1+rt)

A=Final amount

P=Principal amount

r=rate

t=time (years)

We just need to put in the information we have from the question and solve for r.

7,620=6000(1+r3)

7,620/6000=1+r3

1.27=1+r3

0.27=r3

r=0.09

r=9%

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