SOLUTION: find the interest rate for a simple interest loan with P=$1420, I=$306.72, t=3 years

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Question 90037This question is from textbook
: find the interest rate for a simple interest loan with P=$1420, I=$306.72, t=3 yearsThis question is from textbook

Answer by stanbon(48551) About Me  (Show Source):
You can put this solution on YOUR website!
find the interest rate for a simple interest loan with P=$1420, I=$306.72, t=3 years
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Interest = P*r*t
r = I/Pt
r = 306.72/1420*3
r = 0.072 = 7.2%
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Cheers,
Stan H.