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

User Talitha
by
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1 Answer

4 votes

Answer:

48

Explanation:

I=prt

8/100= 0.08

I=100(6)(0.08)

48

User Achrome
by
3.6k points
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