If the simple interest on $1,000 for 4 years is $360, then what is the interest rate?

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asked Mar 23, 2022 194k views

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Nospor · Answer 1 · 2022-03-26T21:33:32+0000

If the interest earned for 4 years = $360, then the interest earned for 1 year would be $90 ($360/4). The interest rate would be 9% (or .09) which can be calculated by 90/1000=.09

If the simple interest on $1,000 for 4 years is $360, then what is the interest rate?

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