Answer the following question. You borrow $1000 from a friend and promise to pay back $1975 in 5 years. What simple interest rate will you pay? 19.5% 0.195% 18% 17%

Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
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Chapter2: Second-order Linear Odes
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Answer the following question.
You borrow $1000 from a friend and promise to pay
back $1975 in 5 years. What simple interest rate will
you pay?
19.5%
0.195%
18%
17%
Transcribed Image Text:Answer the following question. You borrow $1000 from a friend and promise to pay back $1975 in 5 years. What simple interest rate will you pay? 19.5% 0.195% 18% 17%
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