Posted by **Anonymous** on Monday, August 13, 2012 at 5:32pm.

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

1 %

- math -
**Ms. Sue**, Monday, August 13, 2012 at 5:36pm
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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