Answered

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If the simple interest on $3,000 for 10 years is $1,800, then what is the interest rate?

Sagot :

Answer:

17

Step-by-step explanation:

First, converting R percent to r a decimal

r = R/100 = 17%/100 = 0.17 per year,

then, solving our equation

I = 1800 × 0.17 × 10 = 3060

I = $ 3,060.00

The simple interest accumulated

on a principal of $ 1,800.00

at a rate of 17% per year

for 10 years is $ 3,060.00.

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