Question

The simple interest on an investment of $8000 for one year is $360. What is the interest rate? A. 0.045% B. 0.45% C. 4.5% D. 45%

Answer 1

the answer is b 0.45 i got it right on the test

Explanation:

Answer 2

The formula for simple interest is i = prt. Here, p=$8000, r=?, and t=1 year.

Thus, $360 = simple interest = $8000 (r) (1), and

r = $360
---------- = 0.045, or 4.5%
$8000