Question

Bridgette deposited $3,300 in a savings account with simple interest. Six months later, she had earned $165 in interest. What was the interest rate?

Answer 1

The interest rate is 10%.

Explanation:

Interest = principal * rate * time

time is always in years. 6 month = 0.5 year

1.) 165 = 3300 * r * 0.5

2.) multiply 0.5 and 3300

165 = 1650r

3.) divde 1650 to each side

0.1 = r

0.1 = 10%