SOLUTION: You borrow $1000 from a friend with a promise to pay back $1300 in two years. What annual simple interest rate will you be paying?

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Question 1110089: You borrow $1000 from a friend with a promise to pay back $1300 in two years. What annual simple interest rate will you be paying?
Answer by Fombitz(32388) About Me  (Show Source):
You can put this solution on YOUR website!
So you're paying $300 in interest in 2 years which is $150 per year.
I=150%2F1000=0.15
15%