If the simple interest on 3,000 for 10 years is 1,500 then what is the interest rate?

EJay asked Oct 2, 2023

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EJay asked Oct 2, 2023

by EJay

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19 votes

Answer:

Explanation:

Interest = deposit * annual rate * years

1500 = 3000 * rate * 10 yrs

1500/(3000*10) = rate in decimal form = .05 = 5 %

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