Question

If the simple interest on $6,000 for 7 years is 2,100, then what is the interest rate?

Answer 1

5%

Explanation:

First, you do:

$2100/7 = $300

Then you do:

r x 6000 = $300

r = 300/6000 = 0.05

Finally, you do:

0.05 x 100 = 5%

So the interest rate is: 5%