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If the simple interest on ​$3000 for 3 years is ​$720 ​, then what is the interest​ rate?
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If the simple interest on ​$3000 for 3 years is ​$720 ​, then what is the interest​ rate?

User Aravind Siruvuru
by
6.3k points

1 Answer

3 votes

Answer:

8%

Explanation:

Starting Principal: $

3,000.00

Years:

3

Annual Interest Rate:

8

%

Results

Future Value, using...

Simple Interest: $

3,720.00

Annually Compounded Interest: $

3,779.14

User Richard Pianka
by
5.6k points
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