Asked by kk
Suppose you borrow RM 5000 today and are required to pay interest of RM 200 for a one year period. What is the simple interest rate?
Answers
Answered by
Reiny
I = PRT
200 = 5000(R)(1)
R = 200/5000 = .04 or 4%
200 = 5000(R)(1)
R = 200/5000 = .04 or 4%
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