Question

If the simple interest on 7000 for 6 years is 2100 then what is the interest rate

Answer 1

5%

Explanation:

r = R/100 = 5%/100 = 0.05 per year,

then, solving our equation

I = 7000 × 0.05 × 6 = 2100

I = $ 2,100.00

The simple interest accumulated

on a principal of $ 7,000.00

at a rate of 5% per year

for 6 years is $ 2,100.00.