SOLUTION: What simple interest rate will Susan need to secure to make $2,500 in interest on a $10,000 principal over 5 years?

SOLUTION: What simple interest rate will Susan need to secure to make $2,500 in interest on a $10,000 principal over 5 years?

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Question 166871: What simple interest rate will Susan need to secure to make $2,500 in interest on a $10,000 principal over 5 years?
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
What simple interest rate will Susan need to secure to make $2,500 in interest on a $10,000 principal over 5 years?
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I = Prt
2500 = 10,000*r*5
r = 2500/(50,000)
r = 0.05 or 5%
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Cheers,
Stan H.
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