SOLUTION: If a business borrows $15,000 and repays $21,300 in 4 years, what is the simple interest rate?

Question 568281: If a business borrows $15,000 and repays $21,300 in 4 years, what is the simple interest rate?
Found 2 solutions by mananth, stanbon:
Answer by mananth(16946) (Show Source): You can put this solution on YOUR website!
I = P*R*N
where P= principal amount=15000
r= rate of interest = r
n= number of years = 4
Interest = Amount - Principal
Interest = 21300-15000=6300
6300 = 15000*4*r
6300/(15000*4)=r
r= 0.105
in percent it will be 10.5

Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
If a business borrows $15,000 and repays $21,300 in 4 years, what is the simple interest rate?
--------
A(t) = P(1+rt)
21300 = 15000(1 + r*4)
1.42 = 1 + 4r
4r = 0.42
r = 0.1050 = 10.5%
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Cheers,
Stan H.
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