SOLUTION: if the simple interest on 5,000 for 6 years is 1,200, then what is the interest weight

SOLUTION: if the simple interest on 5,000 for 6 years is 1,200, then what is the interest weight

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Question 719780: if the simple interest on 5,000 for 6 years is 1,200, then what is the interest weight
Answer by unlockmath(1688) (Show Source): You can put this solution on YOUR website!
Hello,
The formula to follow is:
Interest=Rate*principal*years
Plug in the data:
1200=rate*5000*6
1200=rate*30000
Divide by 30000 to get:
Rate is .04 or 4%
Make sense?
RJ
www.math-unlock.com
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