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If the simple interest on 3000 for 2 years is $360, then what is the interest rate?

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asked Apr 11, 2021 230k views

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If the simple interest on 3000 for 2 years is $360, then what is the interest rate?

Mathematics
middle-school

Bilal Usean asked

by Bilal Usean

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If its $360 in 2 yrs, then it would be $180 in 1 yr, which $180 is 6% of $3000

Maurizio answered Apr 12, 2021

by Maurizio

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The interest rate is 6% 360/300 = .12 for 2 years get rid of half of that .06

Jesse Seger answered Apr 15, 2021

by Jesse Seger

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If the simple interest on 3000 for 2 years is $360, then what is the interest rate?