SOLUTION: What is the simple interest rate if a loan of £9000 gains interest of £2520 in 4 years?
Algebra.Com
Question 549828: What is the simple interest rate if a loan of £9000 gains interest of £2520 in 4 years?
Answer by jim_thompson5910(35256) (Show Source): You can put this solution on YOUR website!
I = Prt
2520 = 9000r(4)
2520 = 9000*4r
2520 = 36000r
2520/36000 = r
0.07 = r
r = 0.07
So the interest rate is 7%
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