Ask Question
6 October, 05:25

Paid $1,000 in interest on a loan of $10,000 for a

period of 5 years. What was the interest rate?

+4
Answers (1)
  1. 6 October, 09:23
    0
    R = 2 % per annum.

    Step-by-step explanation:

    SI = (P*T*R) / 100

    $1000 = ($10000 * 5 yrs * Rate) / 100
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Paid $1,000 in interest on a loan of $10,000 for a period of 5 years. What was the interest rate? ...” in 📘 Mathematics if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers