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Miguel borrowed $1,800 for 2 years and ended up paying $180 in simple interest what was the interest rate

Miguel borrowed $1,800 for 2 years and ended up paying $180 in simple interest what was the interest rate
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5 votes
Miguel borrowed $1,800 for 2 years and ended up paying $180 in simple interest what was the interest rate

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User Klaas
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2 Answers

2 votes
180 = 1800 x 2 x i
180 = 3600 i
i = 180 / 3600
i = 0.05
i = 5%

answer
interest rate was 5%
answered
User Joel Reid
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8.9k points
5 votes
It was 10% 1,800 ÷10 =180.
answered
User IISkullsII
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Miguel borrowed $1,800 for 2 years and ended up paying $180 in simple interest what was the interest rate​
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