SOLUTION: .What was the interest rate on a 3.5-year, $1000 loan if the simple interest paid was $297.50?

SOLUTION: .What was the interest rate on a 3.5-year, $1000 loan if the simple interest paid was $297.50?

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Question 864398: .What was the interest rate on a 3.5-year, $1000 loan if the simple interest paid was $297.50?

Answer by rakheekar(2) (Show Source): You can put this solution on YOUR website!
297.50=(1000x3.5xI)/100
I= 8.5%
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