Thread: Math Word Problem / Simple Interest

Hello we are having a tuff time assisting with this problem and showing the work how we get the answer. Any help

Savings Account Mallik deposited $1,050 in a savings account, and it earned $241.50 in simple interest after four years. Find the interest rate on Malik's savings account


Also if you know any sites that help with understanding Simple Interest please share

Simple Interest = Principle * Rate * Time

In your case:

$241.50 = $1,050.00 * Rate * 4

Solve for the Rate.