document.write( "Question 1139098: Bill borrows $7,500 for 3 years, subject to a simple interest rate. At the end of the 3-year loan period, the interest owed is $1,271.25. What was the simple yearly interest rate (as a percent)? \n" ); document.write( "
Algebra.Com's Answer #756876 by Theo(13342)\"\" \"About 
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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 your problem, the formula becomes 1271.25 = 7500 * r * 3\r
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\n" ); document.write( "\n" ); document.write( "the time period is in years.\r
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\n" ); document.write( "\n" ); document.write( "solve for r to get r = 1271.25 / (7500 * 3) = .0565.\r
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\n" ); document.write( "\n" ); document.write( "confirm by replacing r in the original formula to get:\r
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\n" ); document.write( "\n" ); document.write( "i = 7500 * .0565 * 3.\r
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\n" ); document.write( "\n" ); document.write( "solve for i to get i = 1271.25, confirming the solution is good.\r
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