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If the simple interest on ​$7,000 for 3 years is ​$1​890, then what is the interest​ rate?
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3 votes
If the simple interest on ​$7,000 for 3 years is ​$1​890, then what is the interest​ rate?

User Genxgeek
by
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1 Answer

4 votes

Answer:

I = Prt

Interest = Principal x rate x time

Explanation:

1890 = 7000(3)r

1890 = 21000r

r = 1890/21000

r = .09 or 9%

User Rodrigo Souza
by
5.2k points
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