If the simple interest on $6,000 for 10 years is $4,800, then what is the interest rate?

Question

asked Apr 6, 2021 202k views

2 Answers

Eglasius · Answer 1 · 2021-04-06T14:59:23+0000

Answer:

hey I hope it helps you

R=8%

Explanation:

P=$6,000, T=10yrs and I=$4,800 and R=?

I=PRT/100

4800=6000xRx10/100

cross multiply

60000R=480000

divide both sides by 60000

R=8%

Boyko Perfanov · Answer 2 · 2021-04-10T22:30:03+0000

Answer:

The interest rate is 8% p.a.

Explanation:

Simple interest changes by the same amount each year (per annum)

So in this case, it is $480 per year ($4800/10 years)

480/6000 = is 8%

The interest rate is 8% p.a.