Question 933461: What is the rate if the principle is $5,000, the time is 3 years and the interest is $1,200?
Answer by jim_thompson5910(35256)   (Show Source):
You can put this solution on YOUR website! Assuming simple interest.
I = P*r*t
1200 = 5000*r*3
1200 = 5000*3*r
1200 = 15000*r
1200/15000 = r
0.08 = r
r = 0.08
The interest rate is 8%
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