Question

If the simple interest on ​$2000 for 3 years is ​$​300, then what is the interest​ rate?

Answer 1

$~~~~~~ \textit{Simple Interest Earned} \\\\ I = Prt\qquad \begin{cases} I=\textit{interest earned}\dotfill &\ 300\\ P=\textit{original amount deposited}\dotfill & \ 2000\\ r=rate\to r\%\to \frac{r}{100}\\ t=years\dotfill &3 \end{cases} \\\\\\ 300=(2000)(r)(3)\implies 300=6000r\implies \cfrac{300}{6000}=r \\\\\\ \cfrac{1}{20}=r\implies 0.05=r\implies \stackrel{\textit{converting to percent}}{100\cdot 0.05}\implies \stackrel{\%}{5}=r$