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