Answered

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suppose you borrow $1000 for 3 years and you owe $200 interest. what is the interest rate?

Sagot :

VirαtKσhli

Answer:

6.67%

Step-by-step explanation:

By question I borrow $1000 for 3 years and I owe $200 interest . We can use the formula of Simple Interest as ,

[tex]\implies SI =\dfrac{ P*R*T}{100}[/tex]

  • Plug in the values .

[tex]\implies \$200 =\dfrac{3*\$1000*R }{100}\\\\\implies R = \dfrac{ \$ 200 * 100}{3*\$ 1000} \\\\\implies\underline{\underline{ R = 6.67 \%}} [/tex]

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