document.write( "Question 106307: Sarah needs to borrow $1500 for her school tuition. She borrows the money on a six month short term note that charges simple interest. After 6 months, she owes $90.00 in interest. What is the simple interest rate being charged on this note? \n" ); document.write( "
Algebra.Com's Answer #77338 by Fombitz(32388)\"\" \"About 
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I=$90
\n" ); document.write( "P=$1500
\n" ); document.write( "t=6 months
\n" ); document.write( "\"I=Prt\"Simple interest formula.
\n" ); document.write( "\"r=I%2FPt\"Re-arrange the formula.
\n" ); document.write( "\"r=90%2F%281500%281%29%29\"Substitute.
\n" ); document.write( "r=6% per 6 month period (Rate for 6 month period).
\n" ); document.write( "r=12% per year, (Rate for 12 month period, the traditional time period).
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