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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