Question

find the rate, round to the nearest tenth of a percent. Use 360 days.
p $3000
t 90 days
Interest $105
I dont know where to begin

Answer 1

Let

I = interest
P = principle
r = rate
t = time (in years)

The formula for simple interest is then

I = Prt

We're given

p $3000
t 90 days
Interest $105


So I = 105, P = 3000 and t = 90/360 = 0.25


This means that

I = Prt

becomes

105 = 3000*r*0.25


I'll let you solve for r

Answer 2

thanks i got 14%

Answer 3

you got it, nice job