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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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5 votes
Please help me!?

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

User Lukas Thomsen
by
8.5k points

1 Answer

2 votes

Answer:

interest rate = P * T * R / 100

or, 3920 = 7000 * 7 /100

or, 3920 = 490

therefore, interest rate = 3430

User Harish Rachakonda
by
7.7k points
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