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%

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