Answers

2014-09-26T22:40:29+08:00
For simple interest:
 I = Pin
where:
     I is the interest
     P is the Principal amount
     i is the interest rate
     n is the duration
You are given with:
 I =450
 P=3,000
 n=1 yr 

substituting it to the formula:
 I = Pin
450 = 3000(1)(i)
i = 450/3000
i = 0.15  or in percentage, 15% 

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