SOLUTION: the store borrowed $5000 for 3 years and paid $940 interest. Find the rate.

SOLUTION: the store borrowed $5000 for 3 years and paid $940 interest. Find the rate.

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Question 787722: the store borrowed $5000 for 3 years and paid $940 interest. Find the rate.
Answer by xinxin(76) (Show Source): You can put this solution on YOUR website!
Rate = 940/(5000*3) = 0.06 = 6%
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