Question

If the simple interest on ​$3,000 for 4 years is ​$960​, then what is the interest​ rate?

Answer 1

8%

Explanation:

R = 100 x I/P x t

Given

Interest I = $960

Principal P = $3000

Time t = 4 yrs

Rate R = ?

R = 100 x 960 /3000 x 4

Multiply through

R = 96000/12000

R = 8

R = 8%