P=$4000.00,a=$5300.00,t=5 years
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.

The rate of Simple Interest is 6.5 %  

Step-by-step explanation:

Given as :

Principal = $ 4000.00

Amount = $ 5300.00

The time period of loan = 5 years

Let The rate of simple interest = R

Now,

From Simple Interest method

Simple Interest =

 And , Simple Interest = Amount - Principal

  So ,  Simple Interest = $ 5300.00 - $ 4000.00

  Or,   Simple Interest = $ 1300

Now, Simple Interest =  

So,     $ 1300  =  

Or,     $ 1300 × 100 = $ 4000 × Rate × 5

Or,     Rate  =  

Or,     Rate  = 6.5  

Hence The rate of Simple Interest is 6.5 %   Answer

6 (3) - 4 + 32

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