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26 November, 09:13

Paid $1,000 in interest on a loan of $10,000 for a

period of 5 years. What was the interest rate?

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Answers (1)
  1. 26 November, 09:19
    0
    R = 2 % per annum.

    Step-by-step explanation:

    SI = (P*T*R) / 100

    $1000 = ($10000 * 5 yrs * Rate) / 100
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