# Answer on Abstract Algebra Question for dollydawson

Question #19727

Find the missing value. the principal is $500, the time is 7 years, the simple interest is $140.00, i have to find the rate.

Expert's answer

The simple interest formula is:

I = P*R*T, where

I - interest, P - principal, R - rate, T - time in years of the loan.

Then, R = I/(P*T) =140/(500*7) = 0.04

The rate is 4%

I = P*R*T, where

I - interest, P - principal, R - rate, T - time in years of the loan.

Then, R = I/(P*T) =140/(500*7) = 0.04

The rate is 4%

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