Question

If the simple interest on you thousand dollars for four years is $960 and what is the interest rate

Answer 1

I = Prt, where I = simple interest, P = principal, r = rate, t = time
I = $960
P = $1000
r = ?
t = 4
$960 = ($1000)(r)(4)
$4000r = $960
r = 0.24, or 24%