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1 July, 08:13

You borrowed $25 from your friend. You paid him back in full after 6 months. He charged $2 for interest. What was the annual simple interest rate that he charged you?

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  1. 1 July, 08:41
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    Annual interest

    6 months = 1/2 year

    so 2 dollars=1/2 of yearly interest

    4 dollars is yearly

    4 out of 25

    4/25 = x%

    percent means parts out of 100

    x%=x/100

    4/25=x/100

    multiply both sides 100

    16=x

    answer is 16%
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