document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=728355>Question 728355</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Your friend needs a loan of $4,000 for 2 months. You tell him for the simple interest loan service he needs to pay you back $4,030.00. What is the simple interest rate on your friendly loan?<BR>\n" );
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document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #445385 by </B><A HREF=/tutors/aboutme.mpl?userid=jim_thompson5910><B>jim_thompson5910(35256)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=jim_thompson5910><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/images/nopicture.jpg><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=445385\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> The interest he needs to pay back is 30 dollars (the difference in the amount he borrows and has to pay back).\r<BR>\n" );
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document.write( "I = Prt\r<BR>\n" );
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document.write( "30 = 4000*r*(2/12)\r<BR>\n" );
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document.write( "30 = 666.667r\r<BR>\n" );
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document.write( "30/666.667 = r\r<BR>\n" );
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document.write( "r = 0.04499998\r<BR>\n" );
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document.write( "r = 0.045 (rounded to the nearest thousandth)\r<BR>\n" );
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document.write( "r = <font color=\"red\">4.5%</font> </SPAN>\n" );
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