Question

Find the annual simple interest rate. I = $18, P = $150, t = 6 years

Answer 1

Explanation:

2% is the answer

Answer 2

• 2%

Explanation:

Use this formula for interest:

• I = Ptr, where I - interest, P- principal, t- time, r - interest rate

Substitute values and solve for r:

• 18 = 150*6*r
• r = 18/900
• r = 2/100
• r = 2 %