SOLUTION: Find the interest rate for a simple interest load with P=$1420, I=$306.72, t=3 years. My answer is 7.2% is this right, thanks for checking.

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Question 45865This question is from textbook Finite math
: Find the interest rate for a simple interest load with P=$1420, I=$306.72, t=3 years. My answer is 7.2% is this right, thanks for checking. This question is from textbook Finite math

Answer by AnlytcPhil(1810) About Me  (Show Source):
You can put this solution on YOUR website!
Find the interest rate for a simple interest load 
with P=$1420, I=$306.72, t=3 years.  My answer is
7.2% is this right, thanks for checking.

I = PRT

R = I/(PT)

R = 306.72/(1420×3) = .0720070423 or 7.2%.

Yes you're right!

Edwin