# strayer's

If a business borrows \$20,000 and repays \$30,800 in 4 years, what is the simple interest rate?

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asked by doris
1. I = PRT
10,800 = 20,000 * R * 4
10,800 = 80,000 * R
0.135 = R
13.5% = R

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2. if a bussiness borrows \$20,000 and repays \$29,500 in 5 years , what is the simple interest rate?

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posted by lisa

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