FieldsF266713 FieldsF266713
  • 25-10-2022
  • Mathematics
contestada

Please help!!If the simple interest on $7,000 for 4 years is $1,960, then what is the interest rate?

Respuesta :

LarenJ462991 LarenJ462991
  • 25-10-2022

Use the formula for the simple interest

[tex]I=p\cdot r\cdot t[/tex]

I= interest

p= initial deposit

r=rate

t= time

clear the equation for r

[tex]\frac{I}{p\cdot t}=r[/tex]

replace data in the formula

[tex]\begin{gathered} \frac{1960}{7000\cdot4}=r \\ \frac{1960}{28000}=r \\ 0.07=r \end{gathered}[/tex]

pass the decimal to percentage

7%

the interest rate is 7%

Answer Link

Otras preguntas

How did Nationalism lead to independence in India
x= a) 27 b) 54 c) 61
Osvolda has a goal of getting at least 30% of his grams of carbohydrates each day from whole grains Today,he ate 220 grams of carbohydrates,and 55 grams were fr
Identify the rights that come with being legally married.
1-10 are True or False (This is Environmental Science not physics) 1). an oil rigs searches for and finds oil reservoirs. 2). The volume of oil in one barrel is
The coffee pub has cans of coffee that weigh 4 4/5 pounds each. The pub has 8 1/2 cans of coffee left. What is the total weight?
I need help with this question
Equipment with a cost of​ $150,000 has an accumulated depreciation of​ $50,000. what is the historical cost of the​ equipment?
Why is it a problem if you have no recognizable thesis?
How did Nationalism lead to independence in India