Question

Explain how to solve for the rate in a simple interest equation if you are given the interest amount, the principal, and the time.

Answer 1

divide the interest amount by the product of the principal and time

Explanation:

The simple interest formula is I = prt where I is the interest, p is the principal, r is the rate and t is the time (in years). Rewriting this formula so that r is the subject we get r = I / pt. Therefore the answer is divide the interest amount by the product of the principal and time.