SOLUTION: What is the formula for borrowing $5000.00 for one year $100.00 interest what is the interest rate and how much paid at end of the year?

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Question 732014: What is the formula for borrowing $5000.00 for one year $100.00 interest what is the interest rate and how much paid at end of the year?
Found 2 solutions by lynnlo, ikleyn:
Answer by lynnlo(4176) About Me  (Show Source):
You can put this solution on YOUR website!
interest rate========6%
$5025

Answer by ikleyn(53421) About Me  (Show Source):
You can put this solution on YOUR website!
.
What is the formula for borrowing $5000.00 for one year $100.00 interest
what is the interest rate and how much paid at end of the year?
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The formula for the interest rate is  

    r = 100%2F5000 = 1%2F50 = 0.02 = 2%.


The amount to pay back at the end of the year is $5000 + $100 = $5100.

Solved/answered.