156k views
0 votes
If the simple interest on ​$7,000 for 33 years is ​$840​, then what is the interest​ rate?

the rate is _%

1 Answer

4 votes
Answer:
R = 0.3636%/year

Equation:
r = (1/t)(A/P - 1)
Calculation:
Solving our equation:
r = (1/33)((7840/7000) - 1) = 0.00363636
r = 0.00363636

Converting r decimal to R a percentage
R = 0.00363636 * 100 = 0.3636%/year

The interest rate required to get a total amount, principal plus interest, of $7,840.00 from simple interest on a principal of $7,000.00 over 33 years is 0.3636% per year.
User Matteo De Felice
by
8.1k points

Related questions

asked Jul 9, 2024 162k views
Fahd Lihidheb asked Jul 9, 2024
by Fahd Lihidheb
7.6k points
1 answer
4 votes
162k views
2 answers
1 vote
225k views
asked Nov 3, 2024 209k views
Dtjones asked Nov 3, 2024
by Dtjones
9.1k points
2 answers
2 votes
209k views