jgwelch96 jgwelch96
  • 17-01-2018
  • Mathematics
contestada

If the simple interest on ​$3,000 for 9 years is ​$2,430​, then what is the interest​ rate?

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DragonZarman
DragonZarman DragonZarman
  • 23-01-2018
The formula for simple interest is I=prt where I is the interest, p is the principle, r is the rate, and t is the time. Plugging in what you know, you get (2430)=(3000)r(9). Simplifying, you get 2430=27000r. Dividing both sides by 27000, you get r=0.09. This means that the interest rate is 9%.

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