Arthur borrowed $2,100 from the bank. 3 years later, Arthur owes the bank $2,478. What was the percentage rate of simple interest on the loan?

Percentage Rate=6%

Step-by-step explanation:

Total borrowed=$2,100

Time=3 years

Rate=?

Total amount owed after 3 years= total borrowed + simple interest

$2,478=$2,100 + x

X=$2,478 - $2,100

=$378

The simple interest=$378

Simple interest=P×R×T

Where,

P= principal=$2,100

R=Rate=?

T=Time=3 years

Simple interest=$378

Simple interest=P×R×T/100

$378=$2,100×R×3/100

$378=$6,300R/100

$378=$63R

R=$378/$63

R=6

Therefore,

Rate=6%

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