SOLUTION: Find the simple interest rate if $28,400.00 earned simple interest of $1,420.00 in 10 months. Round to the nearest tenth of a percent. Please solve and show work. Thank you.
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Question 982045: Find the simple interest rate if $28,400.00 earned simple interest of $1,420.00 in 10 months. Round to the nearest tenth of a percent. Please solve and show work. Thank you.
Answer by mananth(16946) (Show Source): You can put this solution on YOUR website!
Simple Interest = P * r *t
SI =1420
P = 28,400
t= 10 months = 10/12 years = 5/6
1420 = 28400*r*5/6
r= 1420*6/(28400*5)
r=0.06
rate percent = 6
6%
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