Barb owes $40 interest on a loan of $2000 , if the money was borrowed for 1 year , what's the simple interest rate

asked Sep 2, 2022 187k views

11 votes

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6 votes

Answer: 2%

Explanation:

As the loan was only for a year at simple interest, find out how much of $2,000, $40 is:

= 40/2,000

= 2%

Remy Kabel answered Sep 6, 2022

7.9k points

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