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Math Help - Math Word Problem / Simple Interest

  1. #1
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    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
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  2. #2
    MHF Contributor
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    Simple Interest = Principle * Rate * Time

    In your case:

    $241.50 = $1,050.00 * Rate * 4

    Solve for the Rate.
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