SOLUTION: If a business borrows $20,000 and repays $33,800 in 6 years, what is the simple interest rate?

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: If a business borrows $20,000 and repays $33,800 in 6 years, what is the simple interest rate?       Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


    

Question 678919: If a business borrows $20,000 and repays $33,800 in 6 years, what is the simple interest rate?
Answer by rfer(16322) About Me  (Show Source):
You can put this solution on YOUR website!
13800/6=2300
2300/20000=0.115=11.5%