SOLUTION: What is the interest rate if you pay $12 for interest when you borrow $2000 for a year?

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: What is the interest rate if you pay $12 for interest when you borrow $2000 for a year?      Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


    

Question 881756: What is the interest rate if you pay $12 for interest when you borrow $2000 for a year?
Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
What is the interest rate if you pay $12 for interest when you borrow $2000 for a year?
------------------
Ans: 12/2000 = 0.006 = 0.6%
-------------------------------------
Cheers,
Stan H.
--------------