The simple interest rate is $46,800
What is simple interest?
Simple interest serves as the interest that is based on the principal amount of a loan or in some cases the deposit in a savings account.
interest rate = 6.5%= 6.5/100= 0.065
time = 12 years
principal = $60,000
Simple interest formular =(Principal x Interest Rate x Time)/100
Simple interest = (12* 0.065* 60000)/100
=$46,800
Therefore, simple interest rate is $46,800
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