Question

If the simple interest on $1,000 for 6 years is $300, then what is the interest rate?

The rate is ___ %


PLEASE HELP!!!

Answer 1

The simple interest is 5%! Use following formula.
Simple interest = capital/principal x interest rate x number of years
Plug in what you know and solve for what you don’t. And don’t forget to convert the decimal to a percentage if you’re solving for a rate!

Answer 2

Answer: 30%

Explanation:

First, take 300 divided by 1000, then times 100% = 30% for 6 years

If you want to find the rate for each year

The take 30% divided by 6

You get 5% each year