Question

$360 simple interest is paid when ​$6000 is borrowed for 9 months. Find the simple interest rate.

Answer 1

6 percent

Explanation:

1 ) 360/9 = 40 - 40 dollars earned per month

2) 40 x 12 = 480 - earned per year

3) 6000/9 = 666.67 x 12 = 8000 per year

4) 480/8000 = 0.06 / 6 percent

Lets check: 6000 x 1.06 = 6360 which is the amount of interest she gets paid in 9 months