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

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 Click here to see ALL problems on Money Word Problems 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(13127)   (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(60771)   (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% ====================== Cheers, Stan H. ================