Question

If the simple interest on $6,000 for 10 years is $5,400, then what is the interest rate?

Answer 1

9%

Explanation:

p*r*t = Interest

$6000*x*10 years = $5400

interest ÷ time ÷ principal = rate

5400 ÷ 10 ÷ 6000 = 0.09

0.09 = 9%