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NEED ASAP!! using simple interest rate formula- mandy deposited 600 into an account that earns simple interest and after 4 years the value of the account was 672$ what was the simple interest rate?
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NEED ASAP!!

using simple interest rate formula- mandy deposited 600 into an account that earns simple interest and after 4 years the value of the account was 672$ what was the simple interest rate?

User Yuri Yaryshev
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1 Answer

4 votes

Answer:

The simple interest rate is 3%

Explanation:

Every year, $18 is added to the deposit. 3% of 600 is 18.

User Melculetz
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