Homework Help: Math

Posted by Finding Interest Rate in Interest Problems on Wednesday, April 25, 2007 at 6:32pm.

How do I do this? -- can anyone give me a formula to find the answers?

Example:

Find the annual rate of simple interest~
P: 5000 / I: 650 / T: 3 years.

PV = nRT

I=PRT so solving for R
we get R=I/(PT)

plug in your values and evaluate.
Your answer will be a decimal which you have to convert to a percentage.

e.g. if your answer would be 0.038, the interest rate would be 3.8% (move the decimal 2 places to the right)

ignore this formula...sorry

actual formula is:
I = Prt

where I = interest, P = principle, r = rate, t = time in years

Thank you all very much!!

No one has answered this question yet.

Answer this Question

Related Questions

Math - Find the interest if $ 9,000 is invested at an annual simple interest ...
algebra - Ok my math assignments look something ike this... The formula I=prt ...
math - A $1500 investments has an annual simple interest rate of 7%. Find the ...
algebra - A total of $6200 is deposited into two simple interest accounts. On ...
Math - Find the finance charge (interest) due on a 9-month loan of $2,400 at a ...
Finance - Find the future value of $10,000 invested now after five years if the ...
algebra - The formula I=PRT gives the amount of simple interest I earned by ...
math/Finance - I want to know the formula to use 1. A 120-day simple discount ...
Math - An investment advisor invested a total of $12,000, part at 2.5% annual ...
math - An investment of $2500 is made at an annual interest rate of 5.5% .How ...

For Further Reading

First Name:
School Subject:
Answer: