Friday

December 19, 2014

December 19, 2014

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!!

**Answer this Question**

**Related Questions**

Math - Find the interest if $ 9,000 is invested at an annual simple interest ...

math - how long will it take to earn $787.50 on $5000 at 5 1/4%(percent) what is...

algebra - Ok my math assignments look something ike this... The formula I=prt ...

Math - Find the finance charge (interest) due on a 9-month loan of $2,400 at a ...

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 - . Cimarron Homes Inc. purchased a snow plow for $57,000 and financed the ...

algebra - The formula I=PRT gives the amount of simple interest I earned by ...

Math - Interest is a concept familiar to most people: every credit card in ...

math/Finance - I want to know the formula to use 1. A 120-day simple discount ...