Question

If the simple interest on $6,000 for 9 years is $4,320, then what is the interest rate?

The rate is ?

Answer 1

6.48%

Explanation:

the rule of the simple interest is:

I=PRT

but here we want the rate, and we have I and P and T

so put the rate on 1 side, and all the given numbers in other side

the rule will be like this:

R=I/PT

R=4320/6000×9

R=6.48%