SOLUTION: If I borrow $10,000 for a period of 7 months and have to repay the lender $11,000 at the end of the 7 months, what is the rate of interest I am being charged?
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Question 806274: If I borrow $10,000 for a period of 7 months and have to repay the lender $11,000 at the end of the 7 months, what is the rate of interest I am being charged? Answer by hafie(1) (Show Source):
You can put this solution on YOUR website! You borrowed $10000
Time=7 months
You'll have to repay $11000
:-11000-10000=1000
SI=P X R X T /100
1000=10000 X R X 7 /100
1000=700R
R=1000/700
R=10/7
R=1whole no. 3 over 7%
