SOLUTION: Using simple interest formula solve these problems:
Interest $700, Principal $3,500, time is 4 years what is the rate or percentage.
Interest is $1,920, Principal is $ 8,000,
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Question 960795: Using simple interest formula solve these problems:
Interest $700, Principal $3,500, time is 4 years what is the rate or percentage.
Interest is $1,920, Principal is $ 8,000, rate is 6%, what is the time?
Please work out the problems by steps.
Answer by macston(5194) (Show Source): You can put this solution on YOUR website!
I=interest; P=principal; r=rate; T=time
.
Interest $700, Principal $3,500, time is 4 years what is the rate or percentage.
ANSWER 1: The rate was 0.05 or 5%.
.
Interest is $1,920, Principal is $ 8,000, rate is 6%, what is the time?
ANSWER 2: The time was 4 years.
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