SOLUTION: Please help me with this problem. Find the actual interest rate paid, to the nearest tenth, on the simpole discount note. $27,000; discount rate 7%; length of loan 3 mo

Algebra ->  Equations -> SOLUTION: Please help me with this problem. Find the actual interest rate paid, to the nearest tenth, on the simpole discount note. $27,000; discount rate 7%; length of loan 3 mo      Log On


   

Question 204083: Please help me with this problem.
Find the actual interest rate paid, to the nearest tenth, on the simpole discount note.
$27,000; discount rate 7%; length of loan 3 mo
Answer by feliz1965(151) About Me  (Show Source):
You can put this solution on YOUR website!
Use the equation I = PRT, where P = 27,000, r = 0.07 and t = 3
Can you do it now?