Friday

October 24, 2014

October 24, 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.

**Answer this Question**

**Related Questions**

math,algebra - Is this correct Business and finance. The simples interest I on a...

math - Rob has a balance of 1695$ in his bank account The account pays 2.9% ...

MATH - A customer has a balance of $1,350. Interest is paid at the end of 12 ...

math - the total amount of interest on this loan of $6000 for 150 days is $210....

Math - A=P(1+r)^2 A= interest P= principle interest r= interest rate t= time in ...

Math Pre Algebra - Find the simple interest. $900 deposited at an interest rate ...

bookkeeping - what is the july interest ?total purchase is $15,632.16 with a %10...

math - You want to explain to your friend that your bank’s interest rate has ...

Algebra Question~! - A company invests $15,000.00 in an account that compounds ...

Finance - Find the future value of $10,000 invested now after five years if the ...