SOLUTION: douglas borrowed $1000 from patricia. he agreed to repay her $1150 after 3 years. what was te interest rate of the loan?

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Question 947359: douglas borrowed $1000 from patricia. he agreed to repay her $1150 after 3 years. what was te interest rate of the loan?
Answer by 428225(90) About Me  (Show Source):
You can put this solution on YOUR website!
%241150%2F%241000=1.15
Therefore the interest rate was 15%, because you have to multiply $1000 by 1.15 (an increase of 15%) to get $1150.