SOLUTION: What is the simple interest rate if a loan of £9000 gains interest of £2520 in 4 years?

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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) About Me  (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%