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

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

Miguel borrowed $1,800 for 2 years and ended up paying $180 in simple interest. The interest rate was 5%. I=Prt 180=1800*r*2 180=3600*r r=180/3600 r=0.05 or 5 %

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Asked 1/22/2014 6:36:04 PM

Updated 1/22/2014 7:02:09 PM

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Miguel borrowed $1,800 for 2 years and ended up paying $180 in simple interest. The interest rate was 5%.

I=Prt
180=1800*r*2
180=3600*r
r=180/3600
r=0.05 or 5 %

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Added 1/22/2014 7:02:09 PM

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