Question

Okay. So I can't seem to figure this out. Unsing the forumla for simple interest I=Prt assuming a 360 day year....... I=$24 P=1200 t=180 r=?

Answer 1

how do I figure out the t= 180?

Answer 2

That is the time. 180 days is 1/2 year.

Answer 3

\[24=1200(r)(\frac{1}{2})\]

Answer 4

\[24=600r\]

Answer 5

\[r=.04\]

Answer 6

.04=4%