SOLUTION: A loan of $3500 was made for two years. The simple interest paid was $595. What was the interest rate? My answer is 8.50% is thiss right. thanks

SOLUTION: A loan of $3500 was made for two years. The simple interest paid was $595. What was the interest rate? My answer is 8.50% is thiss right. thanks

Algebra.Com

Question 45863This question is from textbook Finite math
: A loan of $3500 was made for two years. The simple interest paid was $595. What was the interest rate? My answer is 8.50% is thiss right. thanks This question is from textbook Finite math

Answer by tutorcecilia(2152) (Show Source): You can put this solution on YOUR website!
I=prt
595=(3500)(2)(r)
.085=r
(.085)(100)= 8.5%
RELATED QUESTIONS
A loan of $4600 was amde at 7% simple interest. The interest paid was $483. What was... (answered by tutorcecilia)

.What was the interest rate on a 3.5-year, $1000 loan if the simple interest paid was... (answered by rakheekar)

After 8 months,$750 simple interest was owed on a loan of $9,000. What is the annual... (answered by stanbon)

Jill gets a loan at 8% simple interest for 5 years, The loan accumulates $400 in... (answered by Sarpi)

After 1 year, Jennifer paid $25 in simple interest on a loan. If she paid an annual... (answered by rfer)

Pablo borrowed $900 from a credit union for 3 years and was charged simple interest at a... (answered by ikleyn)

A person collected $ 1,400 on a loan of $ 1,200 they made 8 years ago. what was the rate... (answered by fractalier)

Alice took out a simple interest loan to purchase carpet for her house. The interest on... (answered by Boreal,MathTherapy)

Bill borrows $7,500 for 3 years, subject to a simple interest rate. At the end of the... (answered by Theo)