The formula for simple interest on a loan is I=prt where I is the interest amount, p is the principal amount borrowed, r is the interest rate, and t is the time of the loan. Rearrange this formula to solve for the rate r, in terms of I, p, and t.
A. r= I/pt
B. r = I - pt
C. r = I (pt)
D. r= pt/I
1 answer
A. r= I/pt