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7 October, 02:28

Jennifer earned $249.60 in 6 1/2 years on a $640 investment. What was the simple interest rate?

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Answers (2)
  1. 7 October, 02:31
    0
    I = P x R x T

    $249.60 = $640 x R x 6 1/2

    $249.60 = 4160 x R

    $249.60/4160 = 4160 / 4160 x R

    R =.06 * 100 = 6%

    Check

    I = P x R x T

    $249.60 = $640 x 6% x 6 1/2

    $249.60 = $249.60
  2. 7 October, 02:33
    0
    R=i/pt

    R=249.6/640*6.5

    R=0.06*100=6%
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