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17 June, 18:14

You borrow $3000 from a friend and promise to pay back $6150 in 5 years. What simple interest rate, to the nearest tenth of a percent, will you pay?

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  1. 17 June, 18:26
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    R = (1/T) (A/P - 1)

    P = $3000

    T = 5

    A = $6150

    R = (1/5) x (($6150/$3000) - 1) = 0.21

    R = 0.21 x 100

    R = 21% per year

    Aka your answer should be 21%
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