A retired couple invested $6000 in bonds. At the end of one year, they received an interest payment of $396. What was the simple interest rate of the bonds?

Do NOT round off a decimal answer.
Do NOT include a symbol with your answer.

Question

15-02-2014
Mathematics

Answered

A retired couple invested $6000 in bonds. At the end of one year, they received an interest payment of $396. What was the simple interest rate of the bonds?

Do NOT round off a decimal answer.
Do NOT include a symbol with your answer.

Answer :

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miller5 miller5 · Answer 1 · 2014-02-16T10:21:25-05:00

miller5 miller5

16-02-2014

That is an interest rate of 6.6%

Answer Link

oladejotunde600 oladejotunde600 · Answer 2 · 2020-01-30T11:35:10-05:00

oladejotunde600 oladejotunde600

30-01-2020

Answer: Simple interest Rate = 6.6%

Step-by-step explanation:

Simple Interest = PRT/100

P = $6000

T=1

R= ?

Simple Interest = 396

From Simple Interest = PRT/100

396 = (6000 x R x 1)/100

396 = 6000R/100

39600 = 6000R

R = 39600/6000

R = 6.6%

Simple interest Rate = 6.6%

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A retired couple invested $6000 in bonds. At the end of one year, they received an interest payment of $396. What was the simple interest rate of the bonds? Do NOT round off a decimal answer. Do NOT include a symbol with your answer.

Answer :

Other Questions

A retired couple invested $6000 in bonds. At the end of one year, they received an interest payment of $396. What was the simple interest rate of the bonds?

Do NOT round off a decimal answer.
Do NOT include a symbol with your answer.