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If the simple interest on $5000 for 2 years is $700, then what is the interest rate

If the simple interest on $5000 for 2 years is $700, then what is the interest rate
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If the simple interest on $5000 for 2 years is $700, then what is the interest rate

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User Chiducaf
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1 Answer

5 votes
Answer: The interest rate is 7%




5000 • 2x = 700
——— ———-
5000 5000

2x = 0.14
— ——-
2 2

x = 0.07 (times two since it’s a percent)
answered
User Bartosz Firyn
by
9.1k points
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