If the simple interest on $3000 for 6 years is $1620, then what is the rate?
Stacey Warren - Expert brainly.com
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I = PRT but we are looking for the rate, so let me change this formula to :
I/PT = R
I = 1620
P = 3000
T = 6
Now lets sub our stuff in the formula..
1620/(3000)(6) = R
1620/18,000 = R
.09 = R
now we will multiply .09 by 100 to make it a percent and we get 9%
9% = R
I = PRT
1620 = (3000)(.09)(6)
1620 = 1620 (correct)
Perfect! Thank you!
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How did you know what formula to use?
Are there other formulas I need to know?
Simple interest formula is I = PRT. This formula can be rearranged if you are looking for something besides I.
It can be changed to :
I/PT = R
I/RT = P
Oh. OK! Thank you very much! That's helpful!
Glad I could help.....now this is not the formula for compound interest, just simple interest
Ok. Question for you. How do I find r
My teacher want me to use the formula for future value, A=P(1+rt) and elementary algebra to find the missing quantity. A=$1,920 ;P=$1,500 ;t= 4 years
A = P(1 + rt)
A = 1920
P = 1500
t = 4
now lets sub...
1920 = 1500(1 + 4r) -- distribute through the parenthesis
1920 = 1500 + 6000r -- subtract 1500 from both sides
1920 - 1500 = 6000r
420 = 6000r -- divide by 6000
420/6000 = r
.07 = r
If your teacher wants your r in a percent, multiply it by 100 and you get 7%
1920 = 1500(1 + (.07)(4)
1920 = 1500 (1 + .28)
1920 = 1500 (1.28)
1920 = 1920 (correct)