SOLUTION: If simple interest on $6000 for 3.5 years is $945, find the simple interest on $5000 for 8 months at the same rate.
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Question 91836: If simple interest on $6000 for 3.5 years is $945, find the simple interest on $5000 for 8 months at the same rate. Found 2 solutions by stanbon, andkon:Answer by stanbon(75887) (Show Source):
You can put this solution on YOUR website! If simple interest on $6000 for 3.5 years is $945, find the simple interest on $5000 for 8 months at the same rate.
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Figure the rate of the 1st investment.
I = Prt
945 = 6000*r*3.5
r = 945/[6000*3.5]
r = 0.045 or 4.5% per year
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Figure the interest on the 2nd investment:
I = Prt
I = 5000*0.045*(2/3)
I = $150
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Cheers,
Stan H.
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