Bradford N. answered • 04/02/13

"Dean" of Test Preparation: ASVAB, H.S. Social Studies, ACT English

At simple interest is $1,200 over 6 years or $200.00 per year. $200.00 divided by $5,000 is 2/50, 1/25 or 4%

Daniela V.

asked • 04/02/13i understand how to do simple interest i just don't understand this question. how are you soppused to find the interest rate?

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Bradford N. answered • 04/02/13

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"Dean" of Test Preparation: ASVAB, H.S. Social Studies, ACT English

Raf Z. answered • 04/02/13

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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%

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