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You borrow $500 from your uncle and after one year he wants $520 back from you. What is the rate of interest your uncle is charging on the money you borrowed?

You borrow $500 from your uncle and after one year he wants $520 back from you. What is the rate of interest your uncle is charging on the money you borrowed?
asked 188k views
11 votes
You borrow $500 from your uncle and after one year he wants $520 back from you. What is the rate of interest your uncle is charging on the money you borrowed?

asked
User Ashad
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8.0k points

1 Answer

9 votes

Answer: He charged 4% interest

answered
User Jhmckimm
by
8.6k points
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