Question

You borrowed $25 from your friend. You paid him back in full after 6 months. He charged $2 for interest. What was the annual simple interest rate that he charged you? Use the formula: I = Prt

Answer 1

300

Explanation:

25×6=150

150×2=300

25 is the principal amount or (P). 6 is the time or (T). Finally 2 is the interest rate or (R).

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