SOLUTION: A loan of $3500 was made for two years. The simple interest paid was $595. What was the interest rate? My answer is 8.50% is thiss right. thanks

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Question 45863This question is from textbook Finite math
: A loan of $3500 was made for two years. The simple interest paid was $595. What was the interest rate? My answer is 8.50% is thiss right. thanks This question is from textbook Finite math

Answer by tutorcecilia(2152) About Me  (Show Source):
You can put this solution on YOUR website!
I=prt
595=(3500)(2)(r)
.085=r
(.085)(100)= 8.5%