SOLUTION: If you pay $5,000 for a simple interest note that will be worth $6,000 in 18 months, what annual simple interest rate will you earn?

SOLUTION: If you pay $5,000 for a simple interest note that will be worth $6,000 in 18 months, what annual simple interest rate will you earn?

Algebra.Com

Question 650934: If you pay $5,000 for a simple interest note that will be worth $6,000 in 18 months, what annual simple interest rate will you earn?
Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
i=Prt
1000=5000*r*1.5
1000=7500r
1000/7500=r
r=0.133=13.3%
RELATED QUESTIONS
determine the annual simple interest rate you will earn if you pay $4,000 for a simple... (answered by rfer)

At what simple interest rate must your deposit of ₱35,000 be credited if you want to... (answered by ikleyn)

Susan invests R45 000 at a simple interest rate of 6% per year. Two years later, she adds (answered by )

1st question: The principal P is borrowed at a simple interest rate r for a period of (answered by ikleyn)

$8,000 is invested for 9 months at an annual simple interest rate of 13%. a) You will... (answered by greenestamps)

Suppose you invest $7,000 in a mutual fund that pays simple interest for one year. If you (answered by stanbon)

Miko borrowed $ 25,000 at 10% annual simple interest rate. How much should he pay after 3 (answered by ikleyn)

You borrowed $27000 for 5 years. You promised to pay back the principal and the interest (answered by akmb1215)

please kindly assist me with corrections for my calculations. Determine the amount... (answered by Alan3354)