Question

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

Answer 1

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%