At what rate does a payment plan for $1,500 accumulate $450 interest after 6 years?

At a rate of 5%.

Step-by-step explanation:

This is a simple interest problem.

The simple interest formula is given by:

In which E is the amount of interest earned, P is the principal(the initial amount of money), I is the interest rate(yearly, as a decimal) and t is the time.

In this question:

Payment plan for $1500 means that

$450 interest after 6 years means that

We have to find the rate I. So

At a rate of 5%.

the answer to the expression is 83

-7/8

step-by-step explanation:

instead of subtracting you add the -6/8 and -1/8