Question 1176670
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The principal P is borrowed and the​ loan's future value A at time t is given. Determine the​ loan's simple interest rate r.

P​ = ​$3300.00​, A​ = ​$3374.255, t​ = 3 months
​
__% ​(Round to the nearest tenth as​ needed.)
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            @ewatrrr solved the problem INCORRECTLY.


            She mistakenly used the formula for the compound account, 

            although the problem asked to find the solution for a simple interest.


            I came to bring a correct solution.



<pre>
P = A + {{{A*r*(3/12)}}}


3374.25 = 3300 + 3300*r*0.25


r = {{{(3374.25 - 3300)/(0.25*3300)}}} = 0.09 = 9%.     <U>ANSWER</U>
</pre>

Solved.


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To see many other similar and/or different solved problems on simple interest accounts, &nbsp;look into the lesson

&nbsp;&nbsp;&nbsp;&nbsp;- <A HREF=https://www.algebra.com/algebra/homework/percentage/lessons/Simple-interest-percentage-problems.lesson>Simple interest percentage problems</A> 

in this site.