joielee123 joielee123

16-04-2021
Mathematics

contestada

If the simple interest on $7,000 for 2 years is 980, then what is the interest rate?

Respuesta :

nishanup6 nishanup6

17-04-2021

Answer:

7%

Step-by-step explanation:

since the formula says si=ptr/100

so we have to separate r which gives us r =(i ×100)/(p×t)

now putting the values (980×100)/(7000×2)

=7

therefore the rate of interest is 7%

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