Sep 21, 2010 #1 C ChonaB New member Joined Sep 21, 2010 Messages 1 Reaction score 0 Points 1 A man borrows US10,000 from a loan firm.The rate of a simple interest is 15% 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 US10,000. What is the actual rate of interest?
A man borrows US10,000 from a loan firm.The rate of a simple interest is 15% 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 US10,000. What is the actual rate of interest?