SOLUTION: Jenna borrowed $5,000 for 3 years and had to pay $1,350 simple interest at the end of that time. What rate of interest did she pay?

SOLUTION: Jenna borrowed $5,000 for 3 years and had to pay $1,350 simple interest at the end of that time. What rate of interest did she pay?

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Question 896178: Jenna borrowed $5,000 for 3 years and had to pay $1,350 simple interest at the end of that time. What rate of interest did she pay?
Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
I=Prt
1350=5000*r*3
1350=15000r
1350/15000=r
0.09=x
x=9%
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