Question

You borrow 20,000 and must pay back 40,000 in 4 equial payments over 10 years. What is the interest rate?

Answer 1

Answer: 40%

Step-by-step explanation: I=PRT

first we have to drive formula R=I/pt *100%

r=40,000/20,000*10 *100%

=40% interest of the rate

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