Asked by maribel

if the simple interest of $38,000 in three years is $5700 what is the rate?
Answered by Ms. Sue
I = Prt

5,700 = 38,000 * 3r

0.15 = 3r

0.05 = r

rate = 5%

Answered by maribel
Thank you Ms. Sue for your help. Can you please explain to me from here 0.15 came from? really appreciate it.
Answered by Ms. Sue
5700 / 38,000 = 0.15

You're welcome.
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