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Sagot :
Using the interest rate formula, we know that the simple interest rate on the loan is 5.75%.
What is the simple interest rate?
Simple interest is calculated by multiplying the principal by the time, interest rate, and time period.
"Simple Interest = Principal x Interest Rate x Time" is the written formula.
The simplest method for computing interest.
So, the interest rate on the loan is:
Formula to be used: I = p*r*t
Where I am the interest, p is the principal amount, r stand for rates and t stands for time.
I = p*r*t
3450 = 3000*2*r
3450/6000 = r
r = 0.575%
That is a 5.75% interest rate
Therefore, using the interest rate formula, we know that the simple interest rate on the loan is of 5.75%.
Know more about simple interest rates here:
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