If the simple interest on $1 comma 000 for 2 years is $120, then what is the interest rate?

6%

Step-by-step explanation:

To solve this problem we can use a modified version of the simple interest formula which is shown below:

I = interest amount

P = principal amount

t = time (years)

Lets plug in the values:

The last step is to convert 0.06 into a percent:

0.06(100) = 6

The interest rate is 6%.

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