use the imple interest formula to find the rate of interest if $5000 earns $300 interest in 3 yrs?

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2007-03-27 05:17:00 · 1 answers · asked by reesespieces60202 2 in Business & Finance ➔ Personal Finance

sorry i maent simple interes not imple and i beleive the formula is I=prt not sure tho

2007-03-27 05:17:44 · update #1

sorry i meant simple interes not imple and i beleive the formula is I=prt not sure tho

2007-03-27 05:18:25 · update #2

I = prt
300 = 5000 x r x 3
100 = 5000 r
r = 1/50
r = .02
= 2%

2007-03-27 05:26:05 · answer #1 · answered by ignoramus 7 · 0⤊ 0⤋