SOLUTION: The principal P is borrowed and the loan's future value A at time t is given. Determine the loan's simple interest rate r.
P = $3300.00, A = $3374.255, t
Question 1176670: The principal P is borrowed and the loan's future value A at time t is given. Determine the loan's simple interest rate r.
P = $3300.00, A = $3374.255, t = 3 months
__% (Round to the nearest tenth as needed.) Found 2 solutions by ewatrrr, ikleyn:Answer by ewatrrr(24785) (Show Source): You can put this solution on YOUR website!
Hi
Yes! Use Simple Interest Formula:
= .09 0r 9% interest rate
Wish You the Best in your Studies.
Answer by ikleyn(52786) (Show Source): You can put this solution on YOUR website! .
The principal P is borrowed and the loan's future value A at time t is given. Determine the loan's simple interest rate r.
P = $3300.00, A = $3374.255, t = 3 months
__% (Round to the nearest tenth as needed.)
~~~~~~~~~~~~~
@ewatrrr solved the problem INCORRECTLY.
She mistakenly used the formula for the compound account,
although the problem asked to find the solution for a simple interest.
I came to bring a correct solution.
P = A +
3374.25 = 3300 + 3300*r*0.25
r = = 0.09 = 9%. ANSWER
Solved.
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To see many other similar and/or different solved problems on simple interest accounts, look into the lesson
- Simple interest percentage problems
in this site.