SOLUTION: If $23,500 earned simple interest of $1,057.50 in 9 months, what was the simple interest rate?

Question 947794: If $23,500 earned simple interest of $1,057.50 in 9 months, what was the simple interest rate?
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
If $23,500 earned simple interest of $1,057.50 in 9 months, what was the simple interest rate?
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I = P*r*t
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1057.50 = 23500*r*(3/4)
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(3/4)r = 1057.5/23500 = 0.45
r = (4/3)*0.45
rate = 0.60 = 60%
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Cheers,
Stan H.
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