SOLUTION: Kara borrowed $1500 for 5 years. She Paid $435 in interest. What is the interest rate

Question 811122: Kara borrowed $1500 for 5 years. She Paid $435 in interest. What is the interest rate
Found 2 solutions by ortarico, MathTherapy:
Answer by ortarico(23) (Show Source): You can put this solution on YOUR website!
Principal = $1,500
Interest = $435
Time = 5yrs
Rate = ?
R = 100I/PT
r = (100 x 435)/(1500 x 5)
r = 43500/7500
r = 6 1/7% or 6.14%
Answer by MathTherapy(10552) (Show Source): You can put this solution on YOUR website!

Kara borrowed $1500 for 5 years. She Paid $435 in interest. What is the interest rate

Simple interest rate: %

You can do the check!!

Send comments, �thank-yous,� and inquiries to �D� at MathMadEzy@aol.com. Further help is available, online or in-person, for a fee, obviously.

For FREE info and answers to questions about the ASVAB exam, the NYS 3 � 8 city/state wide exams, GENERAL MATH QUESTIONS, MATH HOMEWORK QUESTIONS, or MATH QUESTIONS related to the Regents Integrated Algebra, Regents Geometry, Regents Algebra 2/Trigonometry, SHSAT, COOP/HSPT/TACHS, PSAT, SAT, ACT, SSAT/ISEE, GRE, CLEP, and the GED, you can visit: http://asvabstudyzone.freeforums.net/.
RELATED QUESTIONS
matthew borrowed $24,000 dollars to buy a new truck. after 5 years,he paid $7,500 in... (answered by mananth)
matthew borrowed $24,000 dollars to buy a new truck. after 5 years,he paid $7,500 in... (answered by mananth)
A man borrowed 500 dollars for 7 months and paid 53.95 in interest what was the rate of... (answered by rfer)
You borrowed $27000 for 5 years. You promised to pay back the principal and the interest (answered by akmb1215)
the store borrowed $5000 for 3 years and paid $940 interest. Find the rate. (answered by xinxin)
miguel borrowed 18000.00 for 2 years and ending up paying 180.00 in simple interest. what (answered by 4419875)
loan for 3 years interest rate 6% $135.00 interest paid. How much was borrowed? (answered by stanbon)
Hannah borrowed $12,800 at a 4% interest rate for 6 years. What was the total... (answered by ewatrrr)
What is the interest on principle of $2,400, borrowed at 13.75% rate, for 5... (answered by fractalier)