math

Bob borrowed $1500 from his fathers or 9 months and paid back $1580. What is the simple interest rate?

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asked by Ricki
  1. 80/1500 * 12/9 * 100 = 7.1%

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    posted by Steve
  2. I = PRT

    80 = 1500 * R * 0.75

    80 = 1125R

    80/1125 = R

    0.071 = R

    7.1% = R

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