Homework Help: simple interest rate

Posted by Lisa on Tuesday, July 6, 2010 at 10:42am.

Need simple interest rate (rounded to hundreths) on a loan of $3500 which in two months the maturity value was $3583. What is the formula to figure this problem?

simple interest rate - SraJMcGin, Tuesday, July 6, 2010 at 10:48am
Try some of the folloing links:

http://search.yahoo.com/search?fr=mcafee&p=ho+to+do+simple+interest+rate

Sra
simple interest rate - Reiny, Tuesday, July 6, 2010 at 10:51am
(simple) interest = principal x rate x time

so the interest earned = $83

83 = 3500(rate)(2/12)
83 = (3500/6)rate
rate = 83(6/3500) = .1423
or
14.23% per annum

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