SOLUTION: A man borrowed 500 dollars for 7 months and paid 53.95 in interest what was the rate of interest

SOLUTION: A man borrowed 500 dollars for 7 months and paid 53.95 in interest what was the rate of interest

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Question 923555: A man borrowed 500 dollars for 7 months and paid 53.95 in interest what was the rate of interest
Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
53.95/7*12=92.486
92.486/500=0.19=19%
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