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Mathematics

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If the simple interest on $1,000 for 6 years is $420, then what is the interest rate?

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Answer:

Step-by-step explanation:

I=PTR/100

$420=$1000*6*R/100

$420*100=$6000*R

$42000=$6000*R

$42000/$6000=R

7=R

therefore rate of interest is 7%

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