Answer :
Principal Amount = 9,000
Final Amount = 10,500
Interest Amount = 10,500 - 9,000 = 1,500
Interest Percentage = x% of 9,000 = 1,500
x = 1,500 * 100/9,000
x = 16.666 or 16.7
What causes such high interest rates?
In an effort to slow down rapidly rising inflation, the Federal Reserve has begun boosting interest rates. Many people are now wondering why rate increases, which boost the cost of borrowing money, are America's primary instrument for lowering costs in light of these actions. Currently, inflation is being caused by an imbalance in the economy.
What transpires as interest rates increase?
Existing bond prices automatically fall on the market when the Fed raises interest rates. This is due to the upcoming release of new bonds that will pay investors greater interest rates.
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