SOLUTION: Interest of $840 was earned in 7 months on a balance of $9000. What is the simple interest rate per annum on the account?
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Question 883992: Interest of $840 was earned in 7 months on a balance of $9000. What is the simple interest rate per annum on the account?
Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
I=prt
840=9000*r*7/12
840/9000=7/12r
0.09333=7/12r
0.0933/(7/12)=r
0.0933*12/7=r
0.16=r
r=16%
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