To start a mobile dog-grooming service, a woman borrowed 2,500 dollars. If the loan was for 2 years and the amount of interest was 175 dollars, what simple interest rate was she charged?
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Answer:
Answer is 3.5% of the question
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Step-by-step explanation:
si= p(1+rt)
175=2500(1+r.2)
175/2500=1+r.2
(175-2500)/2500=r.2
2325/5000=r
0.465%=r
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