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If a business borrows $16,000 and repays $26,800 in 5 years, what is the simple interest rate?
If a business borrows $16,000 and repays $26,800 in 5 years, what is the simple interest rate?
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- ?Lv 610 years ago
$10,800 of the $26,800 is interest. That's $2,160 per year, which is 13.5% simple interest.
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