SOLUTION: If I borrowed $5000 and repaid $6000 over 10 years what interest rate am I paying?

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Question 552446: If I borrowed $5000 and repaid $6000 over 10 years what interest rate am I paying?
Answer by mananth(16946) About Me  (Show Source):
You can put this solution on YOUR website!
If it is simple interest
1000 is the interest
P= 5000
n= 10
I=prn
1000= 5000*r*10
1000/(5000*10)=r
1/50 =r
0.02 =r
r=2%