SOLUTION: find the simple interest rate if a loan of £6100 gains interest of £1098 in 3 years

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Question 926621: find the simple interest rate if a loan of £6100 gains interest of £1098 in 3 years
Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
find the simple interest rate if a loan of £6100 gains interest of £1098 in 3 years
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Interest = P*r*t
1098 = 6100*r*3
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r = 1098/(3*6100) = 6%
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Cheers,
Stan H.
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