Question

If the simple interest on $6,000 for a year is 900 then what is the interest rate

Answer 1

Answer: 15%

Work Shown:

i = P*r*t

900 = 6000*r*1

r = 900/6000

r = 0.15

That converts to 15% after moving the decimal point 2 spots to the right. It's the same as multiplying by 100.