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11 October, 06:03

When do you use (P) in simple interest word problems? i always get Interest (I) mixed up with ... i know HOW to solve it but just not which place the

(principle and interest value) in the formula to place it ...

formula, I = Prt.

Example: Bob got a loan of $1700.00 loan for 2 years. He paid $90 in interest. what was the interest rate?

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Answers (1)
  1. 11 October, 06:14
    0
    90/2 = 45

    45/1700 = 0.02647

    0.02647 x 100 = 2.64

    2.46%
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Home » Mathematics » When do you use (P) in simple interest word problems? i always get Interest (I) mixed up with ... i know HOW to solve it but just not which place the (principle and interest value) in the formula to place it ... formula, I = Prt.
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