Question

Michael borrows money from his uncle, who is charging him simple interest using the formula "I = Prt" To figure out what the interest rate, r , Michael rearranges the formula to find is which of the following?A. r= I - P/tB. r= P - I/tC. r= I/PtD. r= Pt/I

Answer 1

In this case, we'll have to carry out several steps to find the solution.

Step 01:

Data

Simple Interest

I = Prt

r = ?

Step 02:

r = I / Pt

The answer is:

r = I / Pt