simple interest

A man borrowed $1350. Six months later, he repaid the loan (principal and interest) with $1500. What simple interest rate did he pay? (Round your final answer to two decimal places.)

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1 Answer

borro=1300$, time=(1/2)yeer, end value=1500$

interest=1500-1300=200$

interest rate=200$*2/1300

=400/1300=0.30769

or  31%
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