Register
If the simple interest on $1,000 for 4 years is $360, then what is the interest rate?
194k views
21 votes
If the simple interest on $1,000 for 4 years is $360, then what is the interest rate?

User Elior Sastiel
by
5.0k points

1 Answer

12 votes
If the interest earned for 4 years = $360, then the interest earned for 1 year would be $90 ($360/4). The interest rate would be 9% (or .09) which can be calculated by 90/1000=.09
User Nospor
by
5.2k points
Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

5.3m questions

6.9m answers

Other Questions

Pizza planet is running a special 3 pizzas for 16.50. What is the unit rate for one pizza
What number is halfway between 0 and 18
If the 9-inch wheel of cheese costs $18.60, what is the cost per square inch? If the cost is less than a dollar, put a zero to the left of the decimal point?
how long Will it take for $7000 investment to grow to $7553 and the annual rate of 3.4% compounded quarterly assume that no withdrawals are made
I need to simplify this expression.
Link Copied!