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If the simple interest on $2,000 for 7 years is $1,120, then what is the interest rate? The rate is %.
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1 vote
If the simple interest on $2,000 for 7 years is $1,120, then what is the interest rate?

The rate is %.

User Xnnyygn
by
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1 Answer

5 votes

Answer:

Rate= I*100/P*T

R= 1120 * 100/2000*7

R= 112000/14000

R= 8%

User Snowdude
by
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