Answered

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Solve for the missing item in the following. (Do not round intermediate calculations. Round your answer to the nearest whole percent.)
Principal 5,000 time 6 months simple interest 300

Rate?

Sagot :

The rate is 1.2%.

What is Simple interest?

Simple interest is interest calculated on the principal portion of a loan or the original contribution to a savings account.

Given:

P = 5000

T =6 month= 1/2 year

SI= 300

We know,

SI= P*R*T/100

300= 500* R * 1 /200

60000= 500R

R= 60000/500

R= 120

R= 1.2%

Learn more about simple interest here:

https://brainly.com/question/25845758

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