NevadaEstes601 NevadaEstes601

14-07-2020
Mathematics

contestada

Explain how to solve for the rate in a simple interest equation if you are given the interest amount, the principal, and the time.

Respuesta :

14-07-2020

Answer:

divide the interest amount by the product of the principal and time

Step-by-step explanation:

The simple interest formula is I = prt where I is the interest, p is the principal, r is the rate and t is the time (in years). Rewriting this formula so that r is the subject we get r = I / pt. Therefore the answer is divide the interest amount by the product of the principal and time.

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