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If a business borrows $20,000 and repays $29,200 in 4 years, what is the simple interest rate?

If a business borrows $20,000 and repays $29,200 in 4 years, what is the simple interest rate?
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4 votes
If a business borrows $20,000 and repays $29,200 in 4 years, what is the simple interest rate?

User FvB
by
7.7k points

1 Answer

4 votes

Answer:

11.5

Explanation:

r= SI×100

_______

P×T

= 9200×100

_________

20000×4

= 920000

________

80000

User Zaher
by
8.1k points
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