Homework Help: strayer's

Posted by doris on Friday, July 29, 2011 at 9:36am.

If a business borrows $20,000 and repays $30,800 in 4 years, what is the simple interest rate?

Math - Ms. Sue, Friday, July 29, 2011 at 11:04am
I = PRT
10,800 = 20,000 * R * 4
10,800 = 80,000 * R
0.135 = R
13.5% = R
strayer's - lisa, Friday, August 19, 2011 at 12:59am
if a bussiness borrows $20,000 and repays $29,500 in 5 years , what is the simple interest rate?

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