Post a New Question

algebra interest word problem

posted by on .

Steve Marino borrowed $500 from his credit union for 2 years. The simple that he paid was $52.90. What simple interest rate was Jeff charged?

  • algebra interest word problem - ,

    Take the simple interest formula
    I = PxRxT and solve it for R to get
    R = I/(PT)
    = 52.9/(500x2)
    = .0529 or 5.29%

  • algebra interest word problem - ,

    THANK YOU!

Answer This Question

First Name:
School Subject:
Answer:

Related Questions

More Related Questions

Post a New Question