Question

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

Answer 1

0.07 or 7%

Explanation:

I = Prt

630 = (1000)(9)r

630 = 9000r

r = 0.07

Answer 2

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 :)❤