Question

if the simple interest of $38,000 in three years is $5700 what is the rate?

Answer 1

I = Prt

5,700 = 38,000 * 3r

0.15 = 3r

0.05 = r

rate = 5%

Answer 2

Thank you Ms. Sue for your help. Can you please explain to me from here 0.15 came from? really appreciate it.

Answer 3

5700 / 38,000 = 0.15

You're welcome.