SOLUTION: IF CASEY INVESTED $3500 IN AN ACCOUNT AND EARNED $112.50 SIMPLE INTEREST THE FIRST YEAR. wHAT WAS THE SIMPLE INTEREST RATE?

Algebra ->  Percentage-and-ratio-word-problems -> SOLUTION: IF CASEY INVESTED $3500 IN AN ACCOUNT AND EARNED $112.50 SIMPLE INTEREST THE FIRST YEAR. wHAT WAS THE SIMPLE INTEREST RATE?      Log On


   

Question 214055: IF CASEY INVESTED $3500 IN AN ACCOUNT AND EARNED $112.50 SIMPLE INTEREST THE FIRST YEAR. wHAT WAS THE SIMPLE INTEREST RATE?
Answer by Theo(13342) About Me  (Show Source):
You can put this solution on YOUR website!
112.50/3500 = .032142857 * 100% = 3.214285714%
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If you multiply $3500 * the interest rate you will get $112.50
$3500 * .032142857 = $112.50