To find the interest rate for the given problem, we'll use the formula for simple interest:

$\text{Simple Interest (SI)} = \frac{P \times R \times T}{100}$

Where:

• $P$ is the principal amount (the initial amount of money)
• $R$ is the rate of interest per year
• $T$ is the time the money is invested or borrowed for, in years

From the problem:

• $P = 5000$ dollars
• $\text{SI} = 6000$ dollars
• $T = 12$ years

We need to find the interest rate $R$.

Rearrange the formula to solve for $R$:

$R = \frac{\text{SI} \times 100}{P \times T}$

Now, substitute the known values:

$R = \frac{6000 \times 100}{5000 \times 12}$

Let's calculate that:

$R = \frac{600000}{60000} = 10\%$

So, the interest rate is 10%.

Would you like any more details on this, or do you have any questions?

Here are some related questions you might find interesting:

1. What is the total amount after 12 years when the interest is added to the principal?
2. How would the interest rate change if the time period was 10 years instead of 12 years?
3. What would be the interest rate if the principal was $10,000 instead of $5,000?
4. How do you calculate the total amount paid in a loan situation with simple interest?
5. What would happen to the interest rate if the simple interest earned was only $3000?

Tip: Simple interest calculations are linear, meaning that if any of the variables (time, principal, or interest rate) change proportionally, the simple interest changes in the same proportion.