Answer:
8.03%
Explanation:
If the simple interest on $4,000 for 7 years is $2,250, then what is the interest rate?
Step one:
given data
SI= $2,250
time = 7 years
principal= $4,000
Required
The rate r
Step two:
We know that
simple interest= PRT/100
substitute
2250= 4000*R*7/100
cross multiply
4000*7*R= 2250*100
28000R=225000
divide both sides by 28000
R=225000/28000
R=8.03%