# Thread: Calculate the simple interest rate

1. ## Calculate the simple interest rate

Hi there,

Calculate the simple interest rate charged on the following investment –
round to 2 decimal places.
Investment value: $14,000 Returns:$24,000
Period: 42 months

Thank you!

2. ## Re: Calculate the simple interest rate

Originally Posted by Brittanys
Calculate the simple interest rate charged on the following investment:
(round to 2 decimal places)
Investment value: 14,000
Returns: 24,000
Period: 42 months
Unclear.
Assuming no compounding and 10,000 as interest:
1: calculate amount of interest over 1 year
2: calculate rate required to result with that amount

3. ## Re: Calculate the simple interest rate

How much interest do you receive? What percent of the original amount is that? How many years is 42 months? The annual rate of interest is that percentage of the original amount divided by the number of years.