Question

If the simple interest on $5,000 for 9 years is $2,700, then what is the interest rate?

The rate is?
PLZZZZZ HELP

Answer 1

the interest rate is 3/5

Explanation:

i=prt

2700= 5000•r•9

2700= 45000r

2700/45000= 45000r/45000

2700/45000= r

*reduce the fraction to simplest form*

r= 3/5