i understand how to do simple interest i just don't understand this question. how are you soppused to find the interest rate?

Tutors, please sign in to answer this question.

From the simple interest equation, I=PRT, you're solving for R. The answer will be in decimal form. Multiply by 100 to get the percent interest. First though, I is not the total amount you have after 6 years ($6200) but the amount you earned ($1200).

1200 = 5000 * R * 6

1200 = 30000 * R

R = 0.04 or 4%