# SOLUTION: If money is invested for a short period of time, simple interest is paid using the following formula. I = Prt P represents the money invested, or principal amount, r is the si

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 Word Problems: Money, Business and Interest Solvers Lessons Answers archive Quiz In Depth

 Question 560816: If money is invested for a short period of time, simple interest is paid using the following formula. I = Prt P represents the money invested, or principal amount, r is the simple interest rate, and t represents the time, in years, the money is invested. Given P = \$1,000, t = 9 years, and I = \$270, what is the simple interest rate?Answer by jim_thompson5910(28598)   (Show Source): You can put this solution on YOUR website!I = Prt 270 = 1000*r*9 270 = 1000*9r 270 = 9000r 270/9000 = r 0.03 = r r = 0.03 So the simple interest rate is 3% ------------------------------------------------------------------------------------------------- If you need more help, email me at jim_thompson5910@hotmail.com Also, please consider visiting my website: http://www.freewebs.com/jimthompson5910/home.html and making a donation. Thank you Jim -------------------------------------------------------------------------------------------------