simple interest rate
posted by Lisa on .
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?

Try some of the folloing links:
http://search.yahoo.com/search?fr=mcafee&p=ho+to+do+simple+interest+rate
Sra 
(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