document.write( "Question 1113449: miguel borrowed 18000.00 for 2 years and ending up paying 180.00 in simple interest. what was the interest rate? \n" ); document.write( "

Algebra.Com's Answer #728491 by 4419875(21) $\"\"$ $\"About$

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We know that $\"i=prt\"$ . By algebraically manipulating, we are going to isolate r:\r
\n" ); document.write( "\n" ); document.write( "Apply division property of equality >> $\"i%2Fpt=%28%28prt%29%2Fpt%29\"$ then cancel out the variables and now we have derived our rate formula $\"+i%2Fpt=r+\"$ \r
\n" ); document.write( "\n" ); document.write( "Given: i= 180.00
\n" ); document.write( " p= 18,000
\n" ); document.write( " r=?
\n" ); document.write( " t=2
\n" ); document.write( "Substitute the values:
\n" ); document.write( " $\"+180%2F%2818000%29%282%29=r+\"$ \r
\n" ); document.write( "
\n" ); document.write( "\n" ); document.write( "where r=0.005 or simply 0.5% \n" ); document.write( "

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