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SpyIntel [72]
2 years ago
9

If the simple interest on ​$1000 for 9 years is ​$630​, then what is the interest​ rate?

Mathematics
2 answers:
nalin [4]2 years ago
4 0

Answer:

0.07 or 7%

Step-by-step explanation:

I = Prt

630 = (1000)(9)r

630 = 9000r

r = 0.07

alina1380 [7]2 years ago
4 0

Step-by-step explanation:

Simple interest (SI) = $ 630

Time (T) = 9 years

Principal (P) = $ 1000

Rate (R) = ?

We know

si  =  \frac{ptr}{100}  \\630  = \frac{1000 \times 9 \times r}{100}  \\ 630 = 90r \\  r \:  =  \frac{630}{90}   \\  = 7\%

Therefore the rate of interest is 7%.

Hope it will help :)❤

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