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Asked by Fishy

Hamish borrowed $5000 for 3 years. He paid $1650 simple interest. What was the rate of interest per annum?
12 years ago

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Answered by Kuai
r = I/pt *100

r = 1650/(5000*3)
r = .11 or 11%
12 years ago
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Hamish borrowed $5000 for 3 years. He paid $1650 simple interest. What was the rate of interest per annum?

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