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Anvisha [2.4K]
3 years ago
5

You borrowed $25 from your friend. You paid him back in full after 6 months. He charged $2 for interest. What was the annual sim

ple interest rate that he charged you? Use the formula: I = Prt.
Mathematics
2 answers:
Bingel [31]3 years ago
6 0

Answer:

16%

Step-by-step explanation:

Great answer! When you divide the interest by the product of the principal and time, you get 0.16, which when converted to a percent is 16%.

Lunna [17]3 years ago
4 0
The money you borrow = 25 dollars.
HE charged you 2% interest for 6 months
=> in 12 months = 2% interest
25 dollars * .02 = 0.5 dollars for 6 months.
=> 25 + 0.5 = 25.50 dollars
for 1 year
=> 25 * 0.04 =1 dollar
=> 26 dollars in a year
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