Pablo borrowed $50,000 to start a business. Three years later, he repaid the $50,000 along with an interest of $9,375. What was the annual interest rate? Round your answer to two decimal places.

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asked Oct 5, 2020 50.3k views

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Pablo borrowed $50,000 to start a business. Three years later, he repaid the $50,000 along with an interest of $9,375. What was the annual interest rate? Round your answer to two decimal places.

Mathematics
middle-school

Hugh Lin asked

by Hugh Lin

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4 votes

Answer:

6.25%

Explanation:

Mantler answered Oct 9, 2020

by Mantler

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