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(52786) About Me  (Show Source):
You can put this solution on YOUR website!
.

I = 7000*r*7


1960 = 49000*r


r = 1960%2F49000 = 0.04 = 4%.     ANSWER

Solved.

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