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Simple interest rate that my brother is charging me

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Reference no: EM132088410

Can you help me understand this? If I borrow $2,500 from my brother to have a dent in my car ?xed. I agrees to pay him back $3,000 after 1.5 years.

(a) Assuming that this is a simple interest setting, what is the simple interest rate that my brother is charging me?

(b) Assuming that my brother compounds interest continuously, what is the annual interest rate that my brother is changing?

Reference no: EM132088410

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