document.write( "Question 1148486: A man borrowed $950. Six months later, he repaid the loan (principal and interest) with $1150. What simple interest rate did he pay? (Round your final answer to two decimal places.)
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Algebra.Com's Answer #769841 by ikleyn(52781) $\"\"$ $\"About$

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document.write( "1150 = 950 + 950*r*0.5\r\n" );
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document.write( "1150-950 = 950*r*0.5\r\n" );
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document.write( "200 = 950*r*0.5\r\n" );
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document.write( "r =  = 0.421 = 42.1%  annual percentage rate simple interest (aproximately).\r\n" );
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\n" ); document.write( "\n" ); document.write( "In my solution, 0.5 = 0.5 of an year = 6 months.\r
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