The simple interest on a loan of $6000 for 3 years was $900. What was the rate of interest per annum?

The simple interest on a loan of $6000 for 3 years was $900. What was the rate of interest per annum?
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The interest for one year is 900/3=$300.

So the interest for one year is 300/6000=1/20. Multiply by 100 to get the percentage: 100/20=5%.

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