A man borrows P15, 000 from a loan firm. The rate of simple interest is 10 %, but the interest is to be deducted from the loan at the time the money is borrowed. At the end of one year, he has to pay back P15, 000. What is the actual rate of interest?

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Q: Find the annual rate of simple interest if R190 amounts to R240.25 after 18 months.

A: the annual rate is 16.95 %

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