1 answer

If a business borrows $18,000 and repays $24,300 in 4 years, what is the simple interest rate

Question:

If a business borrows $18,000 and repays $24,300 in 4 years, what is the simple interest rate?

Answers

I = prt

6300 = 18,000 * r * 4

6300/72000 = r

0.0875 = 8.75% = r.

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