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&200 is borrowed for a period of 10 months. If the ...

&200 is borrowed for a period of 10 months. If the total amount to be repaid is $215, then what is the simple interest rate being charged?


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OronD
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Love is the battery of life....

Hi,
Let's make it simple.  If you paid & 15 for 10 months.  That means you would have paid 15/10*12 after a year.  That result is & 18 (per & 200) or & 9 per & 100.   So the (simple) annual interest is exactly 9%.  The absolute (simple) interest rate is 7.5%  (& 15 over & 215).
Best regards,

 

 
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my mistakes on &200 it is suppose to be dollars $200

Let me know
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OronD
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Love is the battery of life....

Hi,


The answer is the same (as long as you keep on to one currency). 
Best regards,
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Thank you!
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