document.write( "Question 1099097: To start a mobile dog-grooming service, a woman borrowed $1,500. If the loan was for 2 years and the amount of interest was $75, what simple interest rate was she charged? \n" ); document.write( "

Algebra.Com's Answer #713497 by Theo(13342) $\"\"$ $\"About$

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$75 interest divided by 2 years is $37.5 interest charged per year.\r
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\n" ); document.write( "\n" ); document.write( "37.5 / 1500 = .025.\r
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\n" ); document.write( "\n" ); document.write( "she was charged 2.5% interest per year.\r
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\n" ); document.write( "\n" ); document.write( "simple interest formula is i = p * r * n\r
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\n" ); document.write( "\n" ); document.write( "i is the interest.
\n" ); document.write( "p is the principal
\n" ); document.write( "r is the interest rate per time period
\n" ); document.write( "n is the number of time periods.\r
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\n" ); document.write( "\n" ); document.write( "in her case, this formula becomes 75 = 1500 * r * 2.\r
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\n" ); document.write( "\n" ); document.write( "solve for r to get r = 75 / 1500 / 2 = .025 = 2.5%.\r
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