SOLUTION: Find the missing value.
Principle= $8200.00, Time= 2.5 years, Simple Interest=$3997.50, Rate=???
Please help
Ellen
Algebra.Com
Question 149497: Find the missing value.
Principle= $8200.00, Time= 2.5 years, Simple Interest=$3997.50, Rate=???
Please help
Ellen
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
Find the missing value.
Principle= $8200.00, Time= 2.5 years, Simple Interest=$3997.50, Rate=???
------------
Interest = P*r*t
3997.50 = 8200*r*2.5
r = 0.195
r = 19.5%
=====================
Cheers,
Stan H.
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