Question

ANSWER QUICK

If the simple interest on $1,000 for 6 years is $420, then what is the interest rate?

Answer 1

Explanation:

I=PTR/100

$420=$1000*6*R/100

$420*100=$6000*R

$42000=$6000*R

$42000/$6000=R

7=R

therefore rate of interest is 7%