Question

If the simple interest on a principal amount of $6000 for 7 years is $2,520, then what is the interest rate as a percent?

Answer 1

6% because interest= principal amount x rate x time / 100

So 2520=6000xRx7 / 100 = 6%

Answer 2

6%

Explanation:

first multiply $6000 by 7 years then divide 2520 by 42000 to get 0.06