Question

If the simple interest on $7,000 for 9 years is 3,780, then what is the interest rate?

Answer 1

Answer:

6%

Step-by-step explanation:

Interest = Principal × Rate × Time/100

$3780 = $7000(9)(rate)/100

63000rate = 378000

rate= 378000/63000

rate = 6% per annum (Answer)