Answered

If the simple interest on $6,000 for 9 years is $2,700 then what is the interest rate?

Answer :

wynnteo2006

Answer:

5%

Step-by-step explanation:

If the person paid $2700 for interest for 9 years means he paid 300 for each years interest

2700÷9=300

find the percentage of the 6000 the 300 is out of

[tex] \frac{300}{6000} \times 100 = 5[/tex]

So the interest rate is 5%

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