If $100 is borrowed and the interest after 6 months is $8, what is the annual interest rate for a simple interest loan? Rate = ________%

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If $100 is borrowed and the interest after 6 months is $8, what is the annual interest rate for a simple interest loan?

Rate = ________%

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17 votes

The annual interest rate for a simple interest loan would be 16%.

Asv answered Jul 8, 2023

by Asv

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