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A $6000 investment earns $690 simple interest in two years. What is the annual interest rate? A. 1.15% B. 5.75% C. 11.5% D. 57.5%
A $6000 investment earns $690 simple interest in two years. The annual interest rate is 5.75%. I = Prt 690 = 6000 * r * 2 690 = 12000 * r r = 690 ÷ 12000 r = 0.0575 = 5.75%
Question|Asked by DaMan14
Asked 4/28/2016 5:49:18 PM
Updated 5/4/2016 7:14:04 AM
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A $6000 investment earns $690 simple interest in two years. The annual interest rate is 5.75%.
I = Prt
690 = 6000 * r * 2
690 = 12000 * r
r = 690 ÷ 12000
r = 0.0575 = 5.75%
Added 5/4/2016 7:14:04 AM
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