If the simple interest on you thousand dollars for four years is $960 and what is the interest rate

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20-04-2017
Mathematics

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If the simple interest on you thousand dollars for four years is $960 and what is the interest rate

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MuSiCisLiFe0930 MuSiCisLiFe0930 · Answer 1 · 2017-04-20T05:59:19+02:00

MuSiCisLiFe0930 MuSiCisLiFe0930

20-04-2017

I = Prt, where I = simple interest, P = principal, r = rate, t = time
I = $960
P = $1000
r = ?
t = 4
$960 = ($1000)(r)(4)
$4000r = $960
r = 0.24, or 24%

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