SOLUTION: If a business borrows $24,000 and repays $34,500 in 5 years, what is the simple interest rate?

SOLUTION: If a business borrows $24,000 and repays $34,500 in 5 years, what is the simple interest rate?

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Question 634628: If a business borrows $24,000 and repays $34,500 in 5 years, what is the simple interest rate?

Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
34500-24000=10500
I=Prt
r=I/Pt
r=10500/24000*5
r=10500/120000
r=0.0875=8.75%
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