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Chapter 2: Q. 154 (page 131)

Pablo borrowed \(50,000 to start a business. Three years later, he repaid the \)50,000, plus $9,375 interest. What was the rate of simple interest?

Short Answer

Expert verified

Simple interest rate is 6.25%.

Step by step solution

01

Given information.

Pricipal,P=$50,000Time,t=3yearsInterest,I=$9375Rate,r=?

02

Calculate the simple interest rate.

Use the following formula and solve for unknown value.

I=Prt9375=50000脳r脳39375=150000rr=0.0625r=6.25%

So, required simple interest rate is 6.25%.

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