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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