document.write( "Question 1176669: The principal P is borrowed and the​ loan's future value A at time t is given. Determine the​ loan's simple interest rate r.\r
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Algebra.Com's Answer #803990 by ikleyn(52787)\"\" \"About 
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\n" ); document.write( "The principal P is borrowed and the​ loan's future value A at time t is given. Determine the​ loan's simple interest rate r.\r
\n" ); document.write( "\n" ); document.write( "P​ = ​$6000.00​, A​ = ​$6450.00, t​ = 1 year
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\n" ); document.write( "\n" ); document.write( "            @ewatrrr solved the problem INCORRECTLY.\r
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\n" ); document.write( "\n" ); document.write( "            She mistakenly used the formula for the compound account, \r
\n" ); document.write( "\n" ); document.write( "            although the problem asked to find the solution for a simple interest.\r
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\n" ); document.write( "\n" ); document.write( "            I came to bring a correct solution.\r
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document.write( "P = A + \"A%2Ar%2A1\"\r\n" );
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document.write( "6450 = 6000 + 6000*r*1\r\n" );
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document.write( "r = \"%286450+-+6000%29%2F6000\" = 0.075 = 7.5%.     ANSWER\r\n" );
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\n" ); document.write( "\n" ); document.write( "To see many other similar and/or different solved problems on simple interest accounts,  look into the lesson\r
\n" ); document.write( "\n" ); document.write( "    - Simple interest percentage problems \r
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