SOLUTION: What is the interest rate on a discounted loan of $5000 for 1 year, if you must repay $5450 after 6 months?

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Question 691221: What is the interest rate on a discounted loan of $5000 for 1 year, if you must repay $5450 after 6 months?
Answer by rfer(16322) About Me  (Show Source):
You can put this solution on YOUR website!
i=Prt
450=5000r*0.5
450=2500r
450/2500=r
r=0.18=18%