SOLUTION: A man borrowed $650 from the bank for one year. He paid $94.25 in interest. What was the rate of interest charged by the bank?

SOLUTION: A man borrowed $650 from the bank for one year. He paid $94.25 in interest. What was the rate of interest charged by the bank?

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Question 258073: A man borrowed $650 from the bank for one year. He paid $94.25 in interest. What was the rate of interest charged by the bank?
Answer by richwmiller(17219) (Show Source): You can put this solution on YOUR website!
i=r*p*t
94.25=r*650*1

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