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29 May, 05:50

If the simple interest on $6,000 for 2 years is $840 , then what is the interest rate?

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  1. 29 May, 09:31
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    7 %

    Step-by-step explanation:

    i do not know if you use this but I use S. I=P*R/100*T S. I=840 P for principal (the money you borrow or lend) = 6000 T for time=2 years. R for rate=? In order to find out the rate, you need to substitute all these numbers into their respective places. 840=6000*r/100*2 6000/100=60 840=60*r*2 840=120r r=7%
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