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08-01-2021
Mathematics

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Barb owes $40 interest on a loan of $2000 , if the money was borrowed for 1 year , what's the simple interest rate

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Parrain Parrain

11-01-2021

Answer: 2%

Step-by-step explanation:

As the loan was only for a year at simple interest, find out how much of $2,000, $40 is:

= 40/2,000

= 2%

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