SOLUTION: Find the simple interest rate if $22,000.00 earned simple interest of $1,283.33 in 10 months. Round to the nearest tenth of a percent.

Algebra ->  Inequalities -> SOLUTION: Find the simple interest rate if $22,000.00 earned simple interest of $1,283.33 in 10 months. Round to the nearest tenth of a percent.      Log On


   

Question 892265: Find the simple interest rate if $22,000.00 earned simple interest of $1,283.33 in 10 months. Round to the nearest tenth of a percent.
Answer by rfer(16322) About Me  (Show Source):
You can put this solution on YOUR website!
I=Prt
1283.22=22000r10/12
1283.22=18333.333r
1283.22/18333.33=r
r=0.07
r=7%