Posted by Anonymous on Monday, August 20, 2012 at 10:19pm.
If a business borrows $16,000 and repays $27,000 in 5 years, what is the simple interest rate?
1 %

math  Ms. Sue, Monday, August 20, 2012 at 10:39pm
I = PRT
11,000 = 16,000 * R * 5
11,000 = 80,000R
11,000/80,000 = R
0.1375 = 13.75% = R
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