document.write( "Question 1047276: Mr. Smith borrowed $28,000 to purchase stock for his baseball card shop. He repaid the simple interest loan after three years. He paid interest of $6,160 . What was the interest rate? \n" ); document.write( "

Algebra.Com's Answer #662864 by josmiceli(19441) $\"\"$ $\"About$

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$\"+I+=+P%2Ar%2At+\"$
\n" ); document.write( " $\"+I+=+6160+\"$
\n" ); document.write( " $\"+P+=+28000+\"$
\n" ); document.write( " $\"+t+=+3+\"$
\n" ); document.write( "-----------------
\n" ); document.write( " $\"+6160+=+28000%2Ar%2A3+\"$
\n" ); document.write( " $\"+6160+=+84000r+\"$
\n" ); document.write( " $\"+r+=+.07333+\"$
\n" ); document.write( "The interest rate is 7 and 1/3 percent
\n" ); document.write( " \n" ); document.write( "

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