SOLUTION: Find the interest rate for a simple interest loan with P = $1420, I = $306.72, t = 3 years.
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Question 147632: Find the interest rate for a simple interest loan with P = $1420, I = $306.72, t = 3 years.
Answer by aswathytony(47) (Show Source): You can put this solution on YOUR website!
given P= $ 1420
I= $306.72
t = 3yrs
simple interest , I = pnr/100 , Where n, no of yrs & r is rate of interest.
we have to find interest rate , r.
r= I*100 / pn
r = (306.72 * 100 )/1420* 3= 30672/4260 = 7.2
Interest rate = 7.2%
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