SOLUTION: Find the simple interest rate if $3,500.00 earned simple interest of $153.13 in 7 months. Round to the nearest tenth of a percent. Thank you very much.

Algebra ->  Finance -> SOLUTION: Find the simple interest rate if $3,500.00 earned simple interest of $153.13 in 7 months. Round to the nearest tenth of a percent. Thank you very much.      Log On


   

Question 976343: Find the simple interest rate if $3,500.00 earned simple interest of $153.13 in 7 months. Round to the nearest tenth of a percent.
Thank you very much.
Answer by rfer(16322) About Me  (Show Source):
You can put this solution on YOUR website!
I=Prt
153.13=3500*r*7/12
153.13/2041.67=r
0.075=r
r=7.5%