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10 January, 15:25

If the simple interest on 6000 for 9years is 3240 then what is the interest rate

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  1. 10 January, 16:24
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    Annual interest rate = 6%

    Step-by-step explanation:

    A: annual interest rate

    Interest over n years = Principal x A x n

    3240 = 6000 x A x 9

    A = 3240 / (6000 x 9) = 0.06
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