Question

If the simple interest on ​$3,000 for 9 years is ​$1,350​, then what is the interest​ rate?

Answer 1

Answer: 5% per year

Explanation:

First, take 1350 divided by 3000, then times 100% = 45% for 9 years

Then take 45 divided by 9 = 5% per year

Answer 2

5%

Explanation:

To solve this problem, we need to use the formula for simple interest, which is I = PRT, where I is the interest earned, P is the principal amount, R is the interest rate, and T is the length of time the money is invested. We know that I = 1350, P = 3000, and T = 9, so we can rearrange the formula to solve for R: R = I / (P * T) = 1350 / (3000 * 9) = 0.05. Therefore, the interest rate is 5%.