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Zezani took a loan of R1500 with simple interest for as many years as the rate of interest. If she paid R432 as interest at the end of the loan period, what was the rate of interest?
Zezani took a loan of R1500 with simple interest for as many years as the rate of interest. If she paid R432 as interest at the end of the loan period, what was the rate of interest?
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Apr 13
Let the rate of interest be x% and the number of years be x.
Simple interest formula is: I = P * R * T / 100
Given: P = R1500 I = R432 T = x
Substitute the values into the formula: 432 = 1500 * x * x / 100 432 = 15x^2 x^2 = 28.8 x = √28.8 x ≈ 5.36
Therefore, the rate of interest is approximately 5.36%.