welsh797 welsh797

12-02-2022
Mathematics

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Krisi took out a $500 discounted loan calculated using a simple interest rate of 5% for a period of 2 years. What is the effective interest rate? Give your answer as a percentage to the nearest tenth of a percent.

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thesqud1 thesqud1

12-02-2022

Answer:

Step-by-step explanation:

SI formula PxRxT/100

=500x5%x2/100

=50/100

=0.5%

hope this helps

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