SOLUTION: the formula for intrest is I=prt. If p=$3500, t=2 years and I=$595, find r.

Algebra ->  Equations -> SOLUTION: the formula for intrest is I=prt. If p=$3500, t=2 years and I=$595, find r.      Log On


   

Question 166274: the formula for intrest is I=prt. If p=$3500, t=2 years and I=$595, find r.
Found 2 solutions by checkley77, Mathtut:
Answer by checkley77(12844) About Me  (Show Source):
You can put this solution on YOUR website!
595=3500r2
595=7000r
r=595/7000
r=.085 or 8.5% is the interest rate.

Answer by Mathtut(3670) About Me  (Show Source):
You can put this solution on YOUR website!
595=3500(r)(2)
595/3500(2)=r
119/1400=r
r=.085 or 8.5%