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

1 answer:

ivann1987 [24]2 years ago

6 0

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

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