Question

The simple interest on an investment of $8000 for one year is $360.

What is the interest rate need help asap???

Answer 1

I = PRT
$360 = $8000 x R X 1
$360 = $8000 X R
$360/$8000 X R /$8000
0.045 = R
R= 0.045 * 100
R = 4.5%