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August 21, 2014

August 21, 2014

Posted by **Betsy** on Tuesday, March 5, 2013 at 12:20am.

A=$2719.50 P= ? r=6.1% t=20 years

What is the interest rate?

Balance= $3742.50 p=$3000 interest rate= ? t=45 months

- Math -
**Henry**, Wednesday, March 6, 2013 at 7:16pmAssuming simple Interest:

I = Po*r*t = 2719.50*0.061*20 = $3317.79

P = Po + I = 2719.50 + 3317.79=$6037.29.

P = Po + Po*r*t = $3742.50.

3000 + 3000*r*3.75 = 3742.50

3000 + 11250r = 3742.50

11250r = 3742.50-3000 = 742.50

r = 0.066 = 6.6%/yr.

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