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2 years ago

If the simple interest on $4000 for 3 years is $720, then what is the interest rate?

Mathematics

1 answer:

solong [7]2 years ago

4 0

Answer:

0.06% annually

Step-by-step explanation:

Divide $720 by 3. We get $240, so we know this is the amount of interest we get per year. Dividing $240 by $4,000 gives us

$\frac{240}{4000} = 0.06$

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If the simple interest on ​$4000 for 3 years is ​$720​, then what is the interest​ rate?

If the simple interest on $4000 for 3 years is $720, then what is the interest rate?