simple interest rate

Suppose you borrow RM 5000 today and are required to pay interest of RM 200 for a one year period. What is the simple interest rate?

asked by kk
  1. I = PRT
    200 = 5000(R)(1)
    R = 200/5000 = .04 or 4%

    posted by Reiny

Respond to this Question

First Name

Your Response

Similar Questions

  1. 5

    5. Assume you borrow $5,000 today and pay back the loan in one lump sum four years from today. You are charged 8 percent interest per year. What amount will you pay back and how much interest will you pay?
  2. finance

    You have credit card debt of $25,000 that has an APR (monthly compounding) of 15%. Each month you pay minimum monthly payment only. You are required to pay only the outstanding interest. You have received an offer in the mail for
  3. economics

    Suppose you wish to borrow 635.08 dollars today from a bank which charges interest at a rate of 4.14% per month. You promise to pay the loan back over 14 years by making the same payment each month (starting with month 1). What
  4. math

    Suppose you borrow $12,000, which you must pay back in 30 equal monthly payments, each of which includes a .8% interest charge on the unpaid balance. a) How much will you need to pay each month? b) How much money did the bank make
  5. Business Math

    Oakwood plowing company purchased two new plows for the upcoming winter. Oakwood must make a single payment of 25,03 to pay for the plows. As of today he has $24,200. Asuume the Oakwood puts the money in the bank today, what rate
  6. Algebra 2

    Use Cramer's rule to find the number of items the company must sell each week to break even. y= 20x + 200 y= 25x D= |20 -1|. -20 - (-25) . |25 -1| D= 5 Dx= |200 -1|. -200 - 0 . |0 -1| Dx= -200 Dy= |20 200|. 0 - 5000 . |25 0 | Dy=
  7. math

    Oakwood Plowing Company purchased two new plows for the upcoming winter. In 200 days, Oakwood must make a single payment of $23,200 to pay for the plows. As of today, Oakwood has $22,500. If Oakwood puts the money in a bank today,
  8. math-finance

    Colin borrowed some money at 7.16%?a compounded quarterly. three years later. he paid $5000 toward the principal and the interest. after another two years, he paid another $5000. after another five years, he paid the remainder of
  9. Math

    your cousin borrow 5000 at an interest rate of 7.5% and the rest at an interest rate of 12% the total paid is 819 . how much did your cousin borrow at each rate
  10. math

    suppose you borrow RM 14,000 at a rate of 10.0 % and must repay it in 5 equal installment at the end of each of the next 5 years.How much interest would you have to pay in the first year?

More Similar Questions