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11 June, 11:06

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

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Answers (2)
  1. 11 June, 11:12
    0
    It was 10% 1,800 : 10 = 180.
  2. 11 June, 13:52
    0
    180 = 1800 x 2 x i

    180 = 3600 i

    i = 180 / 3600

    i = 0.05

    i = 5%

    answer

    interest rate was 5%
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