JamaalH336447 JamaalH336447

26-10-2022
Mathematics

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If the simple interest on $2,000 for 5 years is $900, then what is the interest rate?The rate is %.

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DraelynD221367 DraelynD221367

26-10-2022

Simple interest rate

Value initial = 2000

Final value = 2900

Interest = Vi• r • t/100

henT

Then

900 = 2000•r •5/100

r = 900•100/ (2000•5) = 90000/10000= 9

Therefore interest rate IS = 9%

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