# SOLUTION: Sarah needs to borrow \$1500 for her school tuition. She borrows the money on a six month short term note that charges simple interest. After 6 months, she owes \$90.00 in interest

Algebra ->  Algebra  -> Customizable Word Problem Solvers  -> Finance -> SOLUTION: Sarah needs to borrow \$1500 for her school tuition. She borrows the money on a six month short term note that charges simple interest. After 6 months, she owes \$90.00 in interest      Log On

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 Word Problems: Money, Business and Interest Solvers Lessons Answers archive Quiz In Depth

 Question 106307: Sarah needs to borrow \$1500 for her school tuition. She borrows the money on a six month short term note that charges simple interest. After 6 months, she owes \$90.00 in interest. What is the simple interest rate being charged on this note?Answer by Fombitz(13828)   (Show Source): You can put this solution on YOUR website!I=\$90 P=\$1500 t=6 months Simple interest formula. Re-arrange the formula. Substitute. r=6% per 6 month period (Rate for 6 month period). r=12% per year, (Rate for 12 month period, the traditional time period).