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

Question

asked Nov 7, 2023 49.1k views

1 Answer

Totonga · Answer 1 · 2023-11-13T13:18:48+0000

Answer:

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)