SOLUTION: What is the annual simple interest rate when $561 interest is earned on $2200 over 3 years?

SOLUTION: What is the annual simple interest rate when $561 interest is earned on $2200 over 3 years?

Algebra.Com

Question 756926: What is the annual simple interest rate when $561 interest is earned on $2200 over 3 years?
Answer by sachi(548) (Show Source): You can put this solution on YOUR website!
I(interest)=P(principle)*R(rate of int)*T(time)/100
or 561=2200*R*3/100=66R
or R=561/66=8.5 %
RELATED QUESTIONS
What is the simple interest earned on $700 invested at 5% annual interest for 2... (answered by rfer)

$700 simple interest was earned over 4 years on an investment of $2500. What was the... (answered by Nate)

a 700$ bond earns 3.5% simple annual interest. what is the interest earned after 21 years (answered by stanbon)

Jan invested $1200 at a certain simple interest rate and $2200 at a rate of 3% higher.... (answered by lwsshak3)

When Sara Whitehorse changed jobs, she rolled over the $7700.00 in her retirement account (answered by mananth)

What is the amount earned when $3600 is invested at a rate of 7% simple interest for... (answered by mananth)

how can you calculate if $4300 yields $1290 in simple interest over 6 years what is the... (answered by josmiceli)

a savings account is set up so that the simple interest earned on the investment is... (answered by stanbon,greenestamps)

If $5000 is deposited into an account earning simple interest at an annual interest rate... (answered by rfer)