Question

If $1,800 gains $882 in interest in seven years, what was the interest rate per year?

Answer 1

rate = 7%

Explanation:

From the question

Principal = $1,800

Time = 7 years

simple interest = $882

Rate = ?

rate = 100 × ST

P × T

rate = 100 × $882

$1,800 × 7

rate = $88200

12,600

rate = 7%