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27 May, 19:01

If the simple interest on $3,000 for 4 years is $960 , then what is the interest rate?

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Answers (1)
  1. 27 May, 21:35
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    8%

    Step-by-step explanation:

    R = 100 x I/P x t

    Given

    Interest I = $960

    Principal P = $3000

    Time t = 4 yrs

    Rate R = ?

    R = 100 x 960 / 3000 x 4

    Multiply through

    R = 96000/12000

    R = 8

    R = 8%
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