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31 votes
If the simple interest on ​$1000 for 9 years is ​$630​, then what is the interest​ rate?

User Mikeo
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2 Answers

15 votes
15 votes

Answer:

0.07 or 7%

Explanation:

I = Prt

630 = (1000)(9)r

630 = 9000r

r = 0.07

User Pimguilherme
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3.0k points
22 votes
22 votes

Explanation:

Simple interest (SI) = $ 630

Time (T) = 9 years

Principal (P) = $ 1000

Rate (R) = ?

We know


si = (ptr)/(100) \\630 = (1000 * 9 * r)/(100) \\ 630 = 90r \\ r \: = (630)/(90) \\ = 7\%

Therefore the rate of interest is 7%.

Hope it will help :)❤

User Razpeitia
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2.2k points