SOLUTION: miguel borrowed 18000.00 for 2 years and ending up paying 180.00 in simple interest. what was the interest rate?

Question 1113449: miguel borrowed 18000.00 for 2 years and ending up paying 180.00 in simple interest. what was the interest rate?
Answer by 4419875(21) (Show Source): You can put this solution on YOUR website!
We know that . By algebraically manipulating, we are going to isolate r:
Apply division property of equality >> then cancel out the variables and now we have derived our rate formula
Given: i= 180.00
p= 18,000
r=?
t=2
Substitute the values:

where r=0.005 or simply 0.5%
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