SOLUTION: You borrow $5000 from your parents and agree to repay them $5500 in five years. They are charging you a flat simple interest rate. What is the interest rate.

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Question 234904: You borrow $5000 from your parents and agree to repay them $5500 in five
years. They are charging you a flat simple interest rate. What is the interest rate.
Answer by rfer(16322) About Me  (Show Source):
You can put this solution on YOUR website!
100/5000=.02=2% per yr