Find the missing value. Round your answer to the nearest tenth of a percent. Principal=$1300, Rate=?, Time=18 months, Simple Inter

Find the missing value. Round your answer to the nearest tenth of a percent. Principal=$1300, Rate=?, Time=18 months, Simple Interest=$90

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  1. The missing value in the simple interests formula is rate and it is solved to be 4.62%

    How to find the rate

    The formula for simple interest is
    = P * T * R / 100
    P = principal= $1300
    T = time = 18 months = 1.5 years
    R = rate = ?
    simple interest = $90
    substituting the values
    90 = 1300 * 1.5 * R / 100
    90 * 100 = 1300 * 1.5 * R
    9000 = 1950R
    R = 9000 / 1950
    R = 4.615385
    R = 4.62
    Learn more about simple interest here:
    #SPJ1

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