SOLUTION: if you borrow $500 for 3 months and paid $12.50 interest, what would the annual rate of interest be?

SOLUTION: if you borrow $500 for 3 months and paid $12.50 interest, what would the annual rate of interest be?

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Question 327875: if you borrow $500 for 3 months and paid $12.50 interest, what would the annual rate of interest be?
Answer by Fombitz(32388) (Show Source): You can put this solution on YOUR website!
Annualize the interest you paid

You were paying 10% interest.
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