Arithmetic Aptitude :: Simple Interest
6. A certain money market account that had a balance of $48,000 during all of last month earned $360 in interest for the month. At what simple annual interest rate did the account earn interest last month?
Formula [R = SI*100/(P*T)]
Given P= $48000, SI=$360, T=1/12
So Rate = [360*100/(48000*(1/12))] = 9%.