Question

What simple interest rate would you pay if you borrowed $5000 and paid back $6000 as promised after 5 years?

Answer 1

Answer:

4%

Step-by-step explanation:

6000 x 100 / 5000 = 120

after 5 years the total interest is 20%

each year interest = 4%

( 4 x 5 =20 )