If the simple interest on $3,000 for 4 years is $960, then what is the interest rate?

Question

asked Nov 7, 2021 35.0k views

1 Answer

Heavy · Answer 1 · 2021-11-14T00:11:06+0000

Answer:

8%

Explanation:

R = 100 x I/P x t

Given

Interest I = $960

Principal P = $3000

Time t = 4 yrs

Rate R = ?

R = 100 x 960 /3000 x 4

Multiply through

R = 96000/12000

R = 8

R = 8%