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If Jack borrowed $200 and repaid $226 altogether at the end of 2 years, what was the interest rate? Hint: Find the amount of interest from the repaid amount.

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  1. 30 July, 19:17
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    Answer: 6.5%

    Step-by-step explanation:

    Interest = Amount repaid - Amount borrowed

    = 226 - 200

    Interest = 26

    Si = (prt) / 100

    26 = (200 x r x 2) / 100

    26 = 4r

    r = 6.5%
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