Question

Find the annual interest rate if a $7000 investment earns $840 annual simple interest in one year

Answer 1

@Dobby1

Answer 2

i think it would be 12%

Answer 3

You might be able to find it bye doing the following step

\[\frac{ 840 }{ 7000 }\]

Answer 4

which equals .12 or 12%

Answer 5

So you are correct :)

Answer 6

ok and this Jack earned $972 in 6 years on an investment at a 3% simple interest rate. How much was Jack’s investment?

Answer 7

yikes

Answer 8

that's not a lot of money in 6 years. haha

Answer 9

I would try dividing it by .18

Answer 10

and i know that I am saying yikes ate the problem

Answer 11

i think it would be
$5400

Answer 12

hm do you have multiple choice questions

Answer 13

@manguitar

Answer 14

yes here they are
$174.96
$486
$1944
$5400

Answer 15

Yeah i guess you are right

Answer 16

I am having trouble with this one though after my first year of algebra my brain does not work as well with these kind of questions

Answer 17

its all good thanks @Dobby1

Answer 18

i'm out now. peace!

Answer 19

yeah you are right you can find it by multiplying 5,400 by .18 because you got a 3% interest for 6 years and 5,400 * .18 = 972