The Formula for Finding Simple Interest Is I = PRT

question 35

Short Answer

The formula for finding simple interest is I = PRT, where I is the amount of interest charged, P is the principal amount borrowed, R is the percent of interest charged, and T is the length of time of the loan. If the amount of interest is $36.25, the principal is $250, and the time is 2 years, what interest rate was charged?

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