Homework Help: math

Posted by sasha on Sunday, November 11, 2012 at 4:27pm.

If a business borrows $15,000 and repays $20,700 in 4 years, what is the simple interest rate?

math - Ms. Sue, Sunday, November 11, 2012 at 4:47pm
20,700 - 15,000 = 5,700

5,700 = 15,000 * R * 4

5,700 = 60,000R

0.095 = 9.5% = R

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