If the simple interest on $6,000 for 4 years is $1,920, then what is the interest rate?

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Mathematics

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14 January, 14:13

If the simple interest on $6,000 for 4 years is $1,920, then what is the interest rate?

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Kendal Russell · Answer 1

8 percent

Step-by-step explanation:

Since the formula for interest rate is the original money, the amount of years, and the inetrest rate multiplied together, we could plug it into an equation. 6000 times 4 times the ineterest rate is equal to 1920. 6000 times 4 is 24000. 1920 divided by 24000 is equal to 0.08 or 8 percent.