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):