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OpenStudy (anonymous):
After 8 months, $750 simple interest was owed ona loan of $9000. Find the annual interest rate.
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OpenStudy (anonymous):
750/9000 turns it into a percentage... see where that's going?
OpenStudy (anonymous):
then adjust for the portion of the year...
OpenStudy (anonymous):
or 750 / 8 times 12 all divided by 9000 is your annual rate.
OpenStudy (anonymous):
i = Prt 750 = 9000*r*(8/12) 75 = 900*r* (2/3) 75 = 600r r = 0.1250 or 12.5%
OpenStudy (anonymous):
Just like quin21 shows it using the textbook formula, solved for r.
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