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Emery Stewart
4 December, 16:39
An equation for finding simple interest rate
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Teresa Cooley
4 December, 20:38
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See below.
Step-by-step explanation:
I = PRT/100 will do it.
I = Simple interest.
P = Principal (Intial Amount invested).
R = Rate (as a percent).
T = time invested.
The above formula gives the amount of interest, If you want to find the interest rate knowing all the other values you have to solve for R:
I = PRT/100
100 I = PRT
R = 100I / PT is the formula.
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