SOLUTION: if paul borrowed $1000 and took 5 years to repay the loan and $1800 interest. what was the per annum simple interest rate?
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Question 968698: if paul borrowed $1000 and took 5 years to repay the loan and $1800 interest. what was the per annum simple interest rate?
Answer by amarjeeth123(569) (Show Source): You can put this solution on YOUR website!
Simple interest I=Ptr/100
Plugging in the values we get
1800=1000*5*r/100
50r=1800
r=36 per cent
The rate of interest was 36 percent.
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