If the simple interest on $7,000 for 9 years is 3,780, then what is the interest rate?

Question

asked Aug 26, 2022 80.5k views

1 Answer

Cary Jensen · Answer 1 · 2022-09-01T21:22:08+0000

Answer:

6%

Explanation:

Interest = Principal × Rate × Time/100

$3780 = $7000(9)(rate)/100

63000rate = 378000

rate= 378000/63000

rate = 6% per annum (Answer)