keylann
keylann keylann
  • 06-01-2021
  • Mathematics
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If the simple interest on $1,000 for 4 years is $360, then what is the interest rate?

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dmock1122 dmock1122
  • 06-01-2021
If the interest earned for 4 years = $360, then the interest earned for 1 year would be $90 ($360/4). The interest rate would be 9% (or .09) which can be calculated by 90/1000=.09
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