Mr.Jerome borrowed $126000 from a bank for 5 years and paid $17000 simple interest, calculate the rate percent per annum that he had to pay the bank.
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Given : Mr.Jerome borrowed $126000 from a bank for 5 years and paid $17000 simple interest,
To Find : the rate percent per annum that he had to pay the bank.
Solution:
P = 126000 $
R = ?
T = 5
SI = 17000 $
SI = P * R * T /100
=> 17000 = 126000 * R * 5 / 100
=> 17000 = 1260 * 5 * R
=> 17000 = 6300R
=> 170 = 63R
=> R = 170/63
=> R = 2.698 %
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