If the simple interest on $4,000 for 7 years is $1,400, then what is the interest rate?

asked Oct 12, 2022 55.6k views

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5 votes

$1400 = $4000 × 7 × r / 100

$1400 = 28000 × r / 100

$ 1400 = $ 280 × r

rate = $1400 ÷ $ 280

rate = 5

FredLoh answered Oct 18, 2022

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