Question

After 1 year, $6,000 deposited in a savings account with simple interest had earned $120 in interest. What was the interest rate?

Answer 1

P=$6,000

R=?

T=1 year

S.I.=$120

SI=(PTR)/100

=>120=(6,000*R*1)/100

=>120=60R

=>R=120/60

R=2%

Hope this answer is helpful

Answer 2

Answer: 6000 or 120

Explanation: