Answer the following question. You borrow $3000 from a friend and promise to pay back $5460 in 4 years. What simple interest rate will you pay? 0.205% 2% 20.5% 10%

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 $3000 from a friend and promise to pay
back $5460 in 4 years. What simple interest rate will
you pay?
0.205%
2%
20.5%
10%
Transcribed Image Text:Answer the following question. You borrow $3000 from a friend and promise to pay back $5460 in 4 years. What simple interest rate will you pay? 0.205% 2% 20.5% 10%
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