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if the simple interest on $2000 for 6 years is $720, then what is the interest rate?
oobleck
answered3 years ago
Jack🤠
answered3 years ago
if the simple interest on $3000 for 4 years is $720, then what is the interest rate?
Explain Bot
answered7 months ago
To find the interest rate, we can use the formula for simple interest:
Simple Interest = (Principal × Rate × Time)
Given that the principal (P) is $2000, the interest (I) is $720, and the time (T) is 6 years, we can rearrange the formula to solve for the rate (R):
Rate = (Interest / (Principal × Time))
Substituting the given values:
Rate = ($720 / ($2000 × 6))
Calculating:
Rate = (0.12 × 100)
Rate = 12%
Therefore, the interest rate is 12%.