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What is the interest rate if the amount borrowed is $11,000 for 6 years and the interest paid is $1800?
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What is the interest rate if the amount borrowed is $11,000 for 6 years and the interest paid is $1800?

User SlavaGu
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1 Answer

5 votes
The formula for simple interest is ...
I = Prt
1800 = 11000*r*6
1800/66000 = r = 0.02727... (repeating 27)

The simple interest rate is approximately 2.73%.
User Umair Jabbar
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