If the simple interest on $7,000 for 33 years is $840 , then what is the interest rate?

the rate is _%

R = 0.3636%/year

Equation:

r = (1/t) (A/P - 1)

Calculation:

Solving our equation:

r = (1/33) ((7840/7000) - 1) = 0.00363636

r = 0.00363636

Converting r decimal to R a percentage

R = 0.00363636 * 100 = 0.3636%/year

The interest rate required to get a total amount, principal plus interest, of $7,840.00 from simple interest on a principal of $7,000.00 over 33 years is 0.3636% per year.