SOLUTION: Find the simple interest rate if $3,500.00 earned simple interest of $153.13 in 7 months. Round to the nearest tenth of a percent. Thank you very much.

SOLUTION: Find the simple interest rate if $3,500.00 earned simple interest of $153.13 in 7 months. Round to the nearest tenth of a percent. Thank you very much.

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Question 976343: Find the simple interest rate if $3,500.00 earned simple interest of $153.13 in 7 months. Round to the nearest tenth of a percent.
Thank you very much.
Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
I=Prt
153.13=3500*r*7/12
153.13/2041.67=r
0.075=r
r=7.5%
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