Answer :
Given parameters:
Capital = 8000
Interest accrued = 600
Duration or time = 3yrs
Unknown:
Interest rate = ?
To solve this problem, we use the simple interest formula.
Interest is the return on an investment.
Capital is starting amount
Duration is the time length of an investment.
Simple interest formula is given as:
SI = [tex]\frac{PRT}{100}[/tex]
Where SI is the simple interest
P is the principal
R is the interest rate
T is the time
The unknown here is the interest rate;
PRT = 100SI
Now input the parameters and solve for R;
8000 x R x 3 = 100 x 600
24000R = 60000
R = [tex]\frac{60000}{24000}[/tex] = 2.5%
The interest rate is 2.5%