Question

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

Answer 1

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%

Answer 2

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.