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Posted by on Sunday, May 20, 2012 at 7:02pm.

If a business borrows $18,000 and repays $24,300 in 4 years, what is the simple interest rate?

  • ALGEBRA - , Sunday, May 20, 2012 at 7:06pm

    I = prt

    6300 = 18,000 * r * 4

    6300/72000 = r

    0.0875 = 8.75% = r

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