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?

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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) About Me  (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
900%2F20000=R
.045=R
So the rate = .045, now use that to find interest for $6,000;
I=(6000)(.045)(3)
I=$810
:)