SOLUTION: A=$875,P=$500, r=?,t=30 years

Algebra ->  Finance -> SOLUTION: A=$875,P=$500, r=?,t=30 years      Log On


   

Question 278081: A=$875,P=$500,
r=?,t=30 years
Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
A=$875,P=$500,
r=?,t=30 years
-----------------------
Formula for simple interest:
A = Prt
---
875 = 500*r*30
875 = 15000r
r = 875/15000
r = 7/12 = 0.058333.. = 5.83%
=================================
Cheers,
Stan H.
====================