Question

Quinn made $18 in interest by placing $600 in a savings account with simple interest for 1 year. What was the interest rate? Please help on IXL question!

A) 2%
B) 3%
C) 4%
D) 5%

Answer 1

The interest rate is 3%.

Step-by-step explanation:

To find the interest rate, we can use the formula for simple interest:

Interest = Principal x Rate x Time

We know that the principal is $600, the interest is $18, and the time is 1 year. Plugging in these values into the formula:

$18 = $600 x Rate x 1

Simplifying the equation:

18 = 600 x Rate

Dividing both sides of the equation by 600:

Rate = 18/600 = 0.03 = 3%

Therefore, the interest rate is 3%.