If the simple interest on $6,000 for 2 years is $840, then what is the interest rate?
1 answer:
Answer:
7 %
Step-by-step explanation:
- i do not know if you use this but I use S.I=P×R/100×T
- S.I=840
- P for principal(the money you borrow or lend) =6000
- T for time=2 years.
- R for rate=???
- In order to find out the rate, you need to substitute all these numbers into their respective places.
- 840=6000×r/100×2
- 6000/100=60
- 840=60×r×2
- 840=120r
- r=7%
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