We need to use the formula for simple interest which is I= prt Where I is the amount of money you earned or pay in interest p is the principal, the amount you deposited or borrowed r is the interest rate expressed as a decimal t is time in terms of years
In this problem, I= 1,680 p= 3000 t= 8 '. r is what we are looking for.
Substituting the numbers into the simple interest formula, we get I=. p r t 1,680=(3000)(r)(8). Multiplying 1,680= 24,000r Divide both sides by 24,000 0.07= r So, the percentage is (0.07)(100)= 7%...
