Question

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

Answer 1

Answer:

0.07 or 7%

Step-by-step explanation:

I = Prt

630 = (1000)(9)r

630 = 9000r

r = 0.07

Answer 2

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 :)❤