Posted by Finding Interest Rate in Interest Problems on .
How do I do this? -- can anyone give me a formula to find the answers?
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!!