SOLUTION: Find the interest rate for a simple interest loan with P=$1420, I=$306.72, t=3 years A. 7.2% B. 1.54% C. 6.5% D. 9%

SOLUTION: Find the interest rate for a simple interest loan with P=$1420, I=$306.72, t=3 years A. 7.2% B. 1.54% C. 6.5% D. 9%

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Question 87173: Find the interest rate for a simple interest loan with P=$1420, I=$306.72, t=3 years

A. 7.2%
B. 1.54%
C. 6.5%
D. 9%
Answer by jim_thompson5910(35256) (Show Source): You can put this solution on YOUR website!
Use the simple interest formula:

Plug in P=1420, I=306.72, and t=3

Multiply

Divide both sides by 4260

Now multiply the figure by 100 to get a percentage:

So the interest rate is 7.2%
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