Ask a New Question

Chris deposited $1,500 in a bank account for 2 years. The account earned $120.00 in simple interest. What simple interest rate did he receive?

1 answer

I = PRT

120 = 1,500 * R * 2

120 = 3,000R

120/3,000 = R

0.04 = R

Ask a New Question or answer this question.

Similar Questions

How many years was the money in the account?Gloria deposited $500 into a bank account that earned 7.5% simple interest each
1. 1 answer
Hassan deposited $7,500 into a bank account. At the end of 3 years, the account had earned $900 in simple interest. What rate of
1. 2 answers
Hassan deposited $7,500 into a bank account. At the end of 3 years, the account had earned $900 in simple interest. What rate of
1. 5 answers
Vanessa deposited money into a bank account that earned 1.25% simple interest each year. After 1212 year, she had earned $5.00
1. 2 answers

more similar questions