Please help me!? If the simple interest on $7,000 for 7 years is $3,920, then what is the interest rate?

asked Mar 4, 2021 106k views

5 votes

Please help me!?

If the simple interest on
$7,000 for 7 years is $3,920, then what is the interest rate?

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2 votes

Answer:

interest rate = P * T * R / 100

or, 3920 = 7000 * 7 /100

or, 3920 = 490

therefore, interest rate = 3430

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