What simple interest rate did she have in mind

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Reference no: EM13801043

Diana borrowed $2,000 from Pat and promised to pay him $2,165 after 1.5 years. What simple interest rate did she have in mind?

5.5% per month

5.5% per year

6.5% per year

72.2% per year

How long does it take double an investment of $20,000 if the investment pays only simple interest at the rate of 3% per year?

33.33 years

35.38 years

0.33 years

Reference no: EM13801043

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