Customer: "I buy the same items every week and my bill is normally $90.00. Why am I now being charged $108.00 for the exact same
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The rate of interest is 25%
<u>Explanation:</u>
Given:
Principal, P = $2,000
Amount, A = $2500
Time, t = 1 year
Rate of Interest, r = ?
We know:
On substituting the value we get:
Therefore, the rate of interest is 25%