Question

If the simple interest on $2,000 for 10 years is $1,400, what is the interest rate?

Answer 1

Answer: I = $ 200.00

Explanation:

I = Prt

Convert R (percent) to r (decimal)

r = R/100 = 1%/100 = 0.01 per year

I = 2000 × 0.01 × 10 = 200

I = $ 200.00

hope this helps!