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3 years ago

The principal P is borrowed and the loan's future value A at time t is given. Determine the loan's simple interest rater.

1 answer:

4 0

Interest rate = 7%

I= PRT where I is the interest earned, p is the principal, r is rate as a decimal, and t is time in years.

A - P will give us the interest earned.

12,150 - 9,000 = 3,150

3150 = (9000)(r)(5)
3150 = 45,000r
r = 0.07
r = 7%

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