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

QAmmunity.org

My account
Edit my Profile
Private messages
My favorites

Ask a Question
Questions
Tags
Categories
Ask a Question

Mate Solymosi asked Sep 8, 2023

448,656 views

4 votes

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

3.0k points

0 Comments

Your comment on this question:

Email me at this address if a comment is added after mine:Email me if a comment is added after mine

Privacy: Your email address will only be used for sending these notifications.

Your answer

Email me at this address if my answer is selected or commented on:Email me if my answer is selected or commented on

Privacy: Your email address will only be used for sending these notifications.

2 Answers

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

2.7k points

0 Comments

Your comment on this answer:

Email me at this address if a comment is added after mine:Email me if a comment is added after mine

Privacy: Your email address will only be used for sending these notifications.

22 votes

Answer: 6%

Explanation:

R=100×480/2000×4

R=6%

Remeika answered Sep 15, 2023

by Remeika

3.1k points

0 Comments

Your comment on this answer:

Email me at this address if a comment is added after mine:Email me if a comment is added after mine

Privacy: Your email address will only be used for sending these notifications.

Ask a Question

Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

1.6m questions

2.0m answers

0 Comments

Your comment on this question:

Your answer

2 Answers

0 Comments

Your comment on this answer:

0 Comments

Your comment on this answer:

Other Questions