Will invest $4500 for 6 year insurance policy that pays simple interest at the end of 6 years hew balance was $5580 what was the annual interest rate?

Question

This is a simple interest problem

Answer 1

i = 5580 - 4500

i = 1080

i = prt

1080 = 4500r(6)

1080 = 27,000r

.04 = r

r = 4%