If a business borrows $16,000 and repays $27,000 in 5 years, what is the simple interest rate?
1 %
I = PRT
11,000 = 16,000 * R * 5
11,000 = 80,000R
11,000/80,000 = R
0.1375 = 13.75% = R
1 %
11,000 = 16,000 * R * 5
11,000 = 80,000R
11,000/80,000 = R
0.1375 = 13.75% = R