Question

Simple Interest

I=Prt

Principal($) - 500
Rate(%) - Unknown
Time(Yrs) - 5
Interest Earned($) -62.50

Solve for the unknown. Please show work and explain.

Answer 1

Simply use the formula to get this:\[62.50 = 500 \times \dfrac{r}{100}\times 5\](Remember that percentage is just something over 100.)

Answer 2

Hey, I just wrote an equation, and it's pretty easy. So above is the equation... solve for \(r\), maybe?

Answer 3

Okay, doing so right now.