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If the simple interest on 7,000 for 2 years is 1,120, then what is the interest rate

Sagot :

opeyemiagboola177

Answer:

using I= prt/100

p=7000-1120= 5880

1120=5880×r×2/100

112000=11760×r

r= 112000÷11760

r =9.52%

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