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attashe74 [19]
2 years ago
14

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

Mathematics
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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