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You borrow $500 from your uncle and after one year he wants $520 back from you. What is the rate of interest your uncle is charging on the money you borrowed?
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You borrow $500 from your uncle and after one year he wants $520 back from you. What is the rate of interest your uncle is charging on the money you borrowed?

User Ashad
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1 Answer

9 votes

Answer: He charged 4% interest

User Jhmckimm
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