If the simple interest on $2000 for 4 years is $480, then what is the interest rate?

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Mate Solymosi asked Sep 8, 2023

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If the simple interest on $2000 for 4 years is $480, then what is the interest rate?

Mathematics
college

Mate Solymosi asked Sep 8, 2023

by Mate Solymosi

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13 votes

Answer:

Explanation:

The formula for Simple Interest is

100

Change the subject to be R.

100

Once that is done, we just need to substitute the values.

100

480

2000

Chad DeShon answered Sep 10, 2023

by Chad DeShon

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22 votes

Answer: 6%

Explanation:

R=100×480/2000×4

R=6%

Remeika answered Sep 15, 2023

by Remeika

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