The principal P is borrowed and the loan's future value A at time t is given. Determine the loan's simple interest rate r to the nearest tenth of a percent.
P = $3400.00, A = $3472.25, t = 3 months

______% (Round to the nearest tenth of a percent.)

Question

The principal P is borrowed and the​ loan's future value A at time t is given. Determine the​ loan's simple interest rate r to the nearest tenth of a percent.P​ = ​$3400.00​, A​ = ​$3472.25​, t​ = 3 months______​%  ​(Round to the nearest tenth of a​ percent.)

Sam Z. · Accepted Answer

If $72 is for 1 yr:72.25/3400=.02125=2.125%

The principal P is borrowed and the loan's future value A at time t is given. Determine the loan's simple interest rate r to the nearest tenth of a percent.

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The principal P is borrowed and the​ loan's future value A at time t is given. Determine the​ loan's simple interest rate r to the nearest tenth of a percent.