Question

If the simple interest on ​$1,000 for 7 years is ​$350​, then what is the interest​ rate?

Answer 1

24,500

Explanation:

First, converting R percent to r a decimal

r = R/100 = 350%/100 = 3.5 per year,

then, solving our equation

I = 1000 × 3.5 × 7 = 24500

I = $ 24,500.00

The simple interest accumulated

on a principal of $ 1,000.00

at a rate of 350% per year

for 7 years is $ 24,500.00.