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​ =​$3700.00​; A​ = ​$3857.25; t​ = 6 months

College Algebra
7th Edition
ISBN:9781305115545
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter8: Sequences And Series
Section8.4: Mathematics Of Finance
Problem 26E
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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.
P​ =​$3700.00​; A​ = ​$3857.25; t​ = 6 months
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