Question

If the simple interest on ​$3,000 for 8 years is ​$1,200​, then what is the interest​ rate?

Answer 1

i THINK its 18.75% per year

Explanation:

r = (1/8)((3,000/1200) - 1 ) = 0.1875

r = 0.1875 * 100 = 18.75

(dont take my word tho, u should double check yourself)