SOLUTION: The formaul for intrest is I=prt. If p=$3500,t=2yrs, I=$595, find R

Algebra ->  Equations -> SOLUTION: The formaul for intrest is I=prt. If p=$3500,t=2yrs, I=$595, find R      Log On


   

Question 164933: The formaul for intrest is I=prt. If p=$3500,t=2yrs, I=$595, find R
Answer by checkley77(12844) About Me  (Show Source):
You can put this solution on YOUR website!
I=prt
p=$3500,t=2yrs, I=$595, find R
595=3,500*r*2
595=7,000r
r=595/7,000
r=.085 or 8.5% is the interest rate.