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13 December, 17:47

If the simple interest on you thousand dollars for four years is $960 and what is the interest rate

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  1. 13 December, 19:30
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    I = Prt, where I = simple interest, P = principal, r = rate, t = time

    I = $960

    P = $1000

    r = ?

    t = 4

    $960 = ($1000) (r) (4)

    $4000r = $960

    r = 0.24, or 24%
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