SOLUTION: matthew borrowed $24,000 dollars to buy a new truck. after 5 years,he paid $7,500 in simple interest. what was the interest rate on his truck loan?

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Question 1155546: matthew borrowed $24,000 dollars to buy a new truck. after 5 years,he paid $7,500 in simple interest. what was the interest rate on his truck loan?
Answer by mananth(16946) About Me  (Show Source):
You can put this solution on YOUR website!
SI = P * R * t
P=24000
Interest = 7500
T = 5 years
Plug values
7500 = 24000*R/100 *5
750000/24000*5 =r
rate = 6.25%