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

AlexKhymenko asked Oct 17, 2023

471,143 views

35 votes

AlexKhymenko asked Oct 17, 2023

3.0k points

Your comment on this question:

Email me at this address if a comment is added after mine:Email me if a comment is added after mine

Privacy: Your email address will only be used for sending these notifications.

Email me at this address if my answer is selected or commented on:Email me if my answer is selected or commented on

Privacy: Your email address will only be used for sending these notifications.

19 votes

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)

Lowrin answered Oct 23, 2023

2.8k points

Email me at this address if a comment is added after mine:Email me if a comment is added after mine

Privacy: Your email address will only be used for sending these notifications.

Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

1.6m questions

2.0m answers