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The simple interest on a loan of $6000 for 3 years was $900. what was the rate of interest per annum? Please help :)

The simple interest on a loan of $6000 for 3 years was $900. what was the rate of interest per annum? Please help :)
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The simple interest on a loan of $6000 for 3 years was $900. what was the rate of interest per annum? Please help :)

asked
User Ncardeli
by
8.5k points

1 Answer

6 votes
R=i/pt
R=900/6000*3=0.05*100=5%
answered
User Rodolfo Velasco
by
8.8k points
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