9514 1404 393
Answer:
7%
Explanation:
The simple interest formula is ...
I = Prt . . . . where P is the principal, r is the rate, and t is the number of years
Filling in the given values, we can solve for r.
490 = 1400·r·5
490/7000 = r = 0.07 = 7%
The interest rate was 7%.