Question

If the simple interest on ​$7000 for 10 years is ​$6300​, then what is the interest​ rate? I will pick branliest answer with the most thorough explanation. Please help. If you do, thanks for helping! Use the picture below for question.

Answer 1

Answer:

0.09

Step-by-step explanation:

So if you use the Simple interest equation it will begin with:
Interest total = Initial Amount of money x Interest rate per year x Years money is invested for.

Then substitute the values you have been given so:

$6300 = 7000 x Interest rate per year x 10.

This is simplifies to 6300 = 70,000 x Annual Interest rate

You can rearrange this to find the annual interest rate by dividing by 70,000:
$\frac{6300}{70000} = Interest\ rate$

Simplifying this would be:
$\frac{63}{700}$ = Interest rate.

The interest rate is 0.09.