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.
1 answer:
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:
Simplifying this would be: = Interest rate.
The interest rate is 0.09.
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