The simple interest on $400 invested for 5 years is $120. The rate of interest charged is?

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asked Mar 28, 2019 165k views

1 Answer

Johan Falk · Answer 1 · 2019-04-03T12:41:24+0000

The formula for simple interest is I = Prn

120 = 400 x r x 5

divide both sides by 400

.3 = 5r

then divide both sides by 5

r = .06 or 6%.

hope this helps!

The simple interest on $400 invested for 5 years is $120. The rate of interest charged is?

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