When do you use ( P ) in simple interest word problems? i always get Interest ( I ) mixed up with .. i know HOW to solve it but
just not which place the
( principle and interest value ) in the formula to place it..
formula, I = Prt.
Example: Bob got a loan of $1700.00 loan for 2 years. He paid $90 in interest. what was the interest rate?
1 answer:
90/2 = 45
45/1700 = 0.02647
0.02647 x 100 = 2.64
2.46%
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