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Sagot :
The simple interest rate is 8% if the Jackie decided to open a restaurant. She borrowed 25000 for 5 years. After 5 years, she had paid back 35000.
What is simple interest?
It is defined as the interest on the based on the principal amount, it does not include the compounded amount. The interest calculate on the initial amount or borrowed amount.
We have:
Jackie decided to open a restaurant. She borrowed 25000 for 5 years. After 5 years, she had paid back 35000.
We know the formula for simple interest is:
A = p(1 + rt)
We have A(final amount) = 35000
P(initial amount0 = 25000
t(time) = 5 years
35000 = 25000(1 + 5r)
1.4 = 1 + 5r
0.4 = 5r
r = 0.08 or
r = 8%
Thus, the simple interest rate is 8% if the Jackie decided to open a restaurant. She borrowed 25000 for 5 years. After 5 years, she had paid back 35000.
Learn more about the simple interest here:
brainly.com/question/22621039
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