SOLUTION: explain how to find the intrest rate when the simple interest is $360,the principal is $1600 and the time is 6 years.

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Question 551865: explain how to find the intrest rate when the simple interest is $360,the principal is $1600 and the time is 6 years.
Answer by jim_thompson5910(35256) About Me  (Show Source):
You can put this solution on YOUR website!
I=Prt

360=1600r(6)

360=9600r

360/9600=r

0.0375=r

r = 0.0375

So the interest rate is 3.75% (3 and 3 quarters percent)