Question

If the simple interest on ​$7000 for 3 years is ​$1890​, then what is the interest​ rate?

Answer 1

0.09 or 9%

Explanation:

I = Prt

Given:

I = 1890

P = 7000

t = 3

Work:

I = Prt

r = I/(Pt)

r = 1890/(7000 x 3)

r = 1890/21000

r = 0.09