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)![]() ![]() You can put this solution on YOUR website! I=$90 \n" ); document.write( "P=$1500 \n" ); document.write( "t=6 months \n" ); document.write( " \n" ); document.write( " \n" ); document.write( " \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). \n" ); document.write( " |