SOLUTION: A loan of $7,000 was repaid at the end of 10 months with a check for $7,470. What simple interest rate was charged?

SOLUTION: A loan of $7,000 was repaid at the end of 10 months with a check for $7,470. What simple interest rate was charged?

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Question 1079671: A loan of $7,000 was repaid at the end of 10 months with a check for $7,470. What simple interest rate was charged?
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
i=prt
470=7000*5/6*r
470/(7000*5/6)=r=8.06%
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