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The simple interest rate of a number is represented by the following formula:
i = (T / P) - 1
Where:
i = interest rate
T = total of all payments
P = principal amount
For example, what is the interest rate if I borrowed $500 and paid back $50 per month for a year?
T = $50/month * 12 months = $600
P = $500
i = (600 / 500) -1
i = 1.2 - 1 = 0.2 = 20%
The simple interest rate is 20%.
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