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Pete borrowed $400 for one year. He paid back a total of $440. What was the interest rate per year?
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Pete borrowed $400 for one year. He paid back a total of $440. What was the interest rate per year?

User Imbrizi
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the interest rate per year is 10% because he had to pay back 40 more than he borrowed.

440-400=40
40 is 10% of 400 which is what he borrowed.
400 divided by 10 = 40
User Ronnie
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