Determine the loans simple interest rate

Question

the principal p is borrowed and the loans future value is A, at time t is given. Determine the loans simple interest rate, r, to the nearest tenth of a percent. P=$1700, A=$1820, t=6 months

Answer 1

A = p + p · r · t                       (learn it!)

1820 = 1700 + (1700)(r)(0.5)  6 months = 0.5 year

120 = 2800(r)

 

Can you sole for r and answer?