SOLUTION: Using simple interest formula solve these problems: Interest $700, Principal $3,500, time is 4 years what is the rate or percentage. Interest is $1,920, Principal is $ 8,000,

Algebra ->  Percentage-and-ratio-word-problems -> SOLUTION: Using simple interest formula solve these problems: Interest $700, Principal $3,500, time is 4 years what is the rate or percentage. Interest is $1,920, Principal is $ 8,000,       Log On


   

Question 960795: Using simple interest formula solve these problems:
Interest $700, Principal $3,500, time is 4 years what is the rate or percentage.
Interest is $1,920, Principal is $ 8,000, rate is 6%, what is the time?
Please work out the problems by steps.
Answer by macston(5194) About Me  (Show Source):
You can put this solution on YOUR website!
I=interest; P=principal; r=rate; T=time
.
Interest $700, Principal $3,500, time is 4 years what is the rate or percentage.
I=PrT
I%2F%28PT%29=r
%24700%2F%28%28%243500%29%284%29%29=r
0.05=r ANSWER 1: The rate was 0.05 or 5%.
.
Interest is $1,920, Principal is $ 8,000, rate is 6%, what is the time?
PrT=I
T=I%2F%28Pr%29
T=%241920%2F%28%28%248000%29%280.06%29%29
T=4yr ANSWER 2: The time was 4 years.