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If a business borrows $16,000 and repays $27,000 in 5 years, what is the simple interest rate?
1 %

  • math -

    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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