SOLUTION: If the simple interest on $2000 for 9 years is $1620, then what is the interest rate?

SOLUTION: If the simple interest on $2000 for 9 years is $1620, then what is the interest rate?

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Question 992968: If the simple interest on $2000 for 9 years is $1620, then what is the interest rate?
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
If the simple interest on $2000 for 9 years is $1620,
then what is the interest rate?
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I = P*r*t
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1620 = 2000*r*9
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r = 0.09 = 9%
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Cheers,
Stan H.
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