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If the simple interest on ​$6,000 for 2 years is ​$840​, then what is the interest​ rate?
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If the simple interest on ​$6,000 for 2 years is ​$840​, then what is the interest​ rate?

User Sherelle
by
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1 Answer

6 votes

Answer:

7 %

Explanation:

  • i do not know if you use this but I use S.I=P×R/100×T
  • S.I=840
  • P for principal(the money you borrow or lend) =6000
  • T for time=2 years.
  • R for rate=???
  • In order to find out the rate, you need to substitute all these numbers into their respective places.
  • 840=6000×r/100×2
  • 6000/100=60
  • 840=60×r×2
  • 840=120r
  • r=7%
User Desert Rose
by
8.4k points
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