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09-03-2022
Mathematics

contestada

If the simple interest on $4000 for 3 years is $720, then what is the interest rate?

Respuesta :

09-03-2022

Answer:

0.06% annually

Step-by-step explanation:

Divide $720 by 3. We get $240, so we know this is the amount of interest we get per year. Dividing $240 by $4,000 gives us

[tex]\frac{240}{4000} = 0.06[/tex]

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