Questions on Word Problems: Money, Business and Interest answered by real tutors!

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Question 149497: Find the missing value.
Principle= $8200.00, Time= 2.5 years, Simple Interest=$3997.50, Rate=???
Please help
Ellen: Find the missing value.
Principle= $8200.00, Time= 2.5 years, Simple Interest=$3997.50, Rate=???
Please help
Ellen
Answer by stanbon(17814) About Me  (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%
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Cheers,
Stan H.