Math

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What is the principle and the interest?

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 -

    Assuming 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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