SOLUTION: Find the simple interest rate that Frank Clark is getting, if a principal of $30,000 earns $7,800 interest 4 years.

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Question 485282: Find the simple interest rate that Frank Clark is getting, if a principal of $30,000 earns $7,800 interest 4 years.
Answer by mananth(16946) About Me  (Show Source):
You can put this solution on YOUR website!
Simple Interest = P * R * t
P=30,000
r=?
Interest = 7,800
time = 4
7800= 30000*R*4
7800/(30000*4)= R
R=0.065 ie: 6.5%