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March 27, 2017

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If a business borrows $16,000 and repays $29,200 in 6 years, what is the simple interest rate?
1 %

  • math - ,

    I = PRT

    13,200 = 16,000 * R * 6

    13,200 = 96,000R

    13,200/96,000 = R

    0.1375 = 13.75% = R

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