Asked by Jordan

Steve Marino borrowed $500 from his credit union for 2 years. The simple that he paid was $52.90. What simple interest rate was Jeff charged?
Answered by Reiny
Take the simple interest formula
I = PxRxT and solve it for R to get
R = I/(PT)
= 52.9/(500x2)
= .0529 or 5.29%
Answered by Jordan
THANK YOU!