Question: If the simple interest on $ 7000 for 2 years is $700, then what is the rate? The rate is -----%?

If the simple interest on $7000 for 2 years is $700, then what is the rate?

The rate is -----%?

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Mathematics Questions!

Q:

Using the chart of accounts in Figure 2-1, determine the changes to the balance sheet, income statement, job cost ledger, and equipment ledger as the result of paying a $5,000 invoice for concrete...

Q:

Giannis deposits $10,000 at the Fear the Deer Credit Union. For the first 5 1/2 years, the deposit earns a special introductory annual rate of 6% simple interest. For the next 10 years, it eams...

Q:

All parts pls 2. They decide to shop for furnishings for the new house. They choose items that amount to $2400.00. The store has 2 fixed installment loan options for purchasing: Option 1: 20% down...

Q:

All parts pls 2. They decide to shop for furnishings for the new house. They choose items that amount to $2400.00. The store has 2 fixed installment loan options for purchasing: Option 1: 20% down...

Q:

All parts pls 2. They decide to shop for furnishings for the new house. They choose items that amount to $2400.00. The store has 2 fixed installment loan options for purchasing: Option 1: 20% down...

Q:

2. They decide to shop for furnishings for the new house. They choose items that amount to $2400.00. The store has 2 fixed installment loan options for purchasing: Option 1: 20% down payment and...

Q:

2. They decide to shop for furnishings for the new house. They choose items that amount to $2400.00. The store has 2 fixed installment loan options for purchasing: Option 1: 20% down payment and...

Q:

All parts pls 2. They decide to shop for furnishings for the new house. They choose items that amount to $2400.00. The store has 2 fixed installment loan options for purchasing: Option 1: 20% down...

Q:

All parts pls 2. They decide to shop for furnishings for the new house. They choose items that amount to $2400.00. The store has 2 fixed installment loan options for purchasing: Option 1: 20% down...

Q:

All parts pls 2. They decide to shop for furnishings for the new house. They choose items that amount to $2400.00. The store has 2 fixed installment loan options for purchasing: Option 1: 20% down...

Q:

need help. step by step solution please They decide to shop for furnishings for the new house. They choose items that amount to $2400.00. The store has 2 xed installment loan options for purchasing:...

Q:

Find the average power absorbed by the network in figure, if vs(t) = 20 + 10 cos (377t + 60o) + cos (1131t + 45o) V a. 175.25 W b. 205.61 W c. 150.36 W d. 218.83 i(t) 20 10 mH

Q:

Velocity profiles and the stress components ij. For each of the following velocity distributions, draw a meaningful sketch showing the flow pattern. Then find all the components of 'r and pvv for the...

Q:

Raul obtains a mortgage with an unchanging rate of interest. What type of mortgage does Mitchell have? An unchanging-rate mortgage A variable-rate mortgage A rate-of-interest mortgage A fixed-rate...

Q:

Feather Friends, Inc., distributes a high-quality wooden birdhouse that sells for $40 per unit. Variable expenses are $20.00 per unit, and fixed expenses total $180,000 per year. Its operating...