SOLUTION: you borrow 5300 from a friend and promise to pay back 7100 in two years. what simple intrest rate will you pay?

Question 450688: you borrow 5300 from a friend and promise to pay back 7100 in two years. what simple intrest rate will you pay?
Found 2 solutions by rwm, stanbon:
Answer by rwm(914) (Show Source): You can put this solution on YOUR website!
7100-5300=1800
900 each year
900/5300=9/53

Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
you borrow 5300 from a friend and promise to pay back 7100 in two years. what simple interest rate will you pay?
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A(t) = P(1+rt)
7100 = 5300(1+r*2)
1.3396 = 1 + 2r
2r = 0.3396
---
rate = 0.1698 = 16.98%
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Cheers,
Stan H.
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