Question

Pls answer this:

Sam invests $300 in a bank account that earns simple interest. He earns $24 at the end of 12 months. What is his interest rate?

Answer 1

I’m not sure if people answered 0.667% but I’m pretty sure it’s that

Answer 2

0.667% per month

Explanation:

12 months → $24

1 month → $2

interest rate: 2/300 x 100% = 0.667% per month (3s.f.)