datank12 datank12

27-04-2017
Mathematics

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You borrow $3000 from a friend and promise to pay back $6150 in 5 years. What simple interest rate, to the nearest tenth of a percent, will you pay?

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ayookeshy ayookeshy

27-04-2017

R = ( 1/T )( A/P - 1 )

P = $3000
T = 5
A = $6150

R = (1/5) x ( ($6150/$3000) - 1 ) = 0.21

R = 0.21 x 100

R = 21% per year

Aka your answer should be 21%

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