Friday

January 30, 2015

January 30, 2015

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

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!!

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