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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 to the nearest tenth of a percent. p​ = ​$3900.00​, a​ = ​$4148.63​, t​ = 9 months
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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 to the nearest tenth of a percent. p​ = ​$3900.00​, a​ = ​$4148.63​, t​ = 9 months

User Lee Greiner
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7.7k points

1 Answer

5 votes
150=2000r
:
r=.075
:
.075(100)=7.5%
User Jamus
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