SOLUTION: find fixed interest rate, if a principal of $5,000 invested for 4 years earns $900, how much interest will $6,000 invested for 3 years earn at the same interest rate?

Question 103756: find fixed interest rate, if a principal of $5,000 invested for 4 years earns $900, how much interest will $6,000 invested for 3 years earn at the same interest rate?

Answer by elima(1433) (Show Source): You can put this solution on YOUR website!
find fixed interest rate, if a principal of $5,000 invested for 4 years earns $900, how much interest will $6,000 invested for 3 years earn at the same interest rate?
I=PRT
900=(5000)R(4)
900=20000R

.045=R
So the rate = .045, now use that to find interest for $6,000;
I=(6000)(.045)(3)
I=$810
:)
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