Posted by Jeconiah on .
Over a threeyear period, the total interest paid on a $4500 loan was $1620. What was the interest rate?

Please Help!!!! Maths 
Henry,
Po = $4500.
I = $1620
I = Po*r*t = 1620
4500*r*3 = 1620
13500r = 1620
r = 0.12 = 12%.