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Card 7 / 13:
If your receive $500 in simple interest on a loan that you made for $10,000 for 5 years, what was the interest rate you charged?
Principal + (principal × rate × time); Interest = Principal × rate × time; $500 = $10,000 × rate × 5 years; $500 = $50,000 × rate; $500/$50,000 = rate; Rate = 1%
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