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The formula A=P(1+r)t is used to show the total amount owed for a loan with a simple annual interest...
4 months ago
Q:
The formula A=P(1+r)t is used to show the total amount owed for a loan with a simple annual interest rate.Solve for r.
Accepted Solution
A:
We are asked to express r in terms of A, P, and t.
We first divide both sides of the equation by t, which gives us
[tex]\displaystyle{ \frac{A}{t}=P(1+r) [/tex],
then, dividing both sides by P, we have
[tex]\displaystyle{ \frac{A}{Pt}=1+r [/tex].
Swap the sides:
[tex]\displaystyle{ 1+r= \frac{A}{Pt}[/tex]
Finally subtracting 1 from both sides gives us
[tex]\displaystyle{ r=\frac{A}{Pt}-1[/tex].