Question 1176669
.
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​ = ​$6000.00​, A​ = ​$6450.00, t​ = 1 year
​
__% ​(Round to the nearest cent as​ needed.)
~~~~~~~~~~~~~~~~



            @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*1}}}


6450 = 6000 + 6000*r*1


r = {{{(6450 - 6000)/6000}}} = 0.075 = 7.5%.     <U>ANSWER</U>
</pre>

Solved.


------------------


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.