Math
posted by Betsy .
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

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 = 3742.503000 = 742.50
r = 0.066 = 6.6%/yr.
Respond to this Question
Similar Questions

math
the total amount of interest on this loan of $6000 for 150 days is $210.50. what is the rate of interest on this loan? 
math,algebra
Is this correct Business and finance. The simples interest I on a principle of P dollars at interest rate r for time t, in years, is given by I= Prt. Find the simple interest on a principal of $6000 at 3% for 2 years. Simple Interest … 
Math Pre Algebra
Find the simple interest. $900 deposited at an interest rate of 3% for 5 years. $1,348 deposited at an interest rate of 2.5% for 18 months. 
Math
A=P(1+r)^2 A= interest P= principle interest r= interest rate t= time in years If $4500 invested at 7% interest compounded annually yeilds $15600, for how many years was the money invested? 
MATH
A customer has a balance of $1,350. Interest is paid at the end of 12 months. Assuming the balance remains at $1,350 for all 12 months, how much interest will be earned after 12 months if the interest rate on the account is 5.5%? 
bookkeeping
what is the july interest ?total purchase is $15,632.16 with a %10 interest rate for 10 months 86.85 88.25 89.93 91.92 my answer is 89.93 what is the first months interest for the following $7659.43 at an interest rate of %11 percent 
math
Rob has a balance of 1695$ in his bank account The account pays 2.9% interest per year, compounded annually. The compound interest formula is A=P(1+i)^n A=future value\P=principal/i+interest rate/n=number of payments rods balance will … 
Math
For a given interest rate, simple interest varies jointly as the principal and time. If $3000 left in an account for 6 years earned interest of $1260, then how much interest would be earned in 7 years? 
Financial maths year 9
Sophie borrowed $2000 at a simple interest rate of 15% for 3 years to repay the loan and has $900 in interest. If Sophie's interest was calculated at the same rate on the balance owing, how much would she have owed after 6 months if … 
Maths
Sophie borrowed $2000 at a simple interest rate of 15% for 3 years to repay the loan and has $900 in interest. If Sophie's interest was calculated at the same rate on the balance owing, how much would she have owed after 6 months if …