Answer:
10%
Step-by-step explanation:
To solve this problem we can use a modified version of the simple interest formula which is shown below:
[tex]r=\frac{I}{Pt}[/tex]
I = interest amount
P = principal amount
t = time (years)
Lets plug in the values:
[tex]r=\frac{6000}{(5000)(12)}[/tex]
[tex]r=0.1[/tex]
The last step is to convert 0.1 into a percent:
0.1(100) = 10
The interest rate is 10%
