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Suppose that you borrow $1000.00 from a friend and promise to pay back $2050.00 in 5 years. What simple interest rate will you pay?

Suppose that you borrow $1000.00 from a friend and promise to pay back $2050.00 in 5 years. What simple interest rate will you pay?

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To find the simple interest rate we can use the formula Simple Interest Rate Total ... blur-text-image

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