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2 years ago

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

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