What is the interest rate if the amount borrowed is $11,000 for 6 years and the interest paid is $1800?

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asked Aug 22, 2018 130k views

1 Answer

Umair Jabbar · Answer 1 · 2018-08-27T19:44:18+0000

The formula for simple interest is ...
I = Prt
1800 = 11000*r*6
1800/66000 = r = 0.02727... (repeating 27)

The simple interest rate is approximately 2.73%.

What is the interest rate if the amount borrowed is $11,000 for 6 years and the interest paid is $1800?

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