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anonymous

  • one year ago

you borrow $1000 from a friend and promise to pay back $1390 in 2 years. what simple interest rate, to the nearest tenth of a percent will you pay

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  1. anonymous
    • one year ago
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    @DanJS

  2. texaschic101
    • one year ago
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    I = PRT <-- our formula (Interest = Principle* Rate*Time) The interest paid back was (1390 - 1000 = 390) I = 390 P = 1000 T = 2 Now we sub 390 = 1000(R)(2) 390 = 2000R 390/2000 = R 0.195 = R 19.5% = R Interest rate 19.5%

  3. anonymous
    • one year ago
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    THANK YOU

  4. texaschic101
    • one year ago
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    glad to help :)

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