SOLUTION: If the simple interest on $7 comma 000 for 7 years is $1 comma 960, then what is the interest rate?

SOLUTION: If the simple interest on $7 comma 000 for 7 years is $1 comma 960, then what is the interest rate?

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Question 1148335: If the simple interest on $7 comma 000 for 7 years is $1 comma 960, then what is the interest rate?
Answer by ikleyn(52787) (Show Source): You can put this solution on YOUR website!
.


I = 7000*r*7


1960 = 49000*r


r =  = 0.04 = 4%.     ANSWER

Solved.

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- Simple interest percentage problems
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