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Peter took a loan of R2400 with simple interest for as many years as the rate of interest. If she paid R864 as interest at the end of the loan period, what was the rate of interest?
by Diamond (53,882 points) | 65 views

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Best answer
make i subject of formula from simple interest basis

i = (A/P -1)/n

=(3 264/2 400 -1)/n

i = 0.36n
by Diamond (40,360 points)
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