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Rate of Interest is the amount a lender charges a borrower and is a percentage of the principal. The principal is either the amount loaned or invested in a certain business. Rate of interest on loan or investment is typically noted on an annual basis known as the annual percentage rate (APR). The formula is given by: Interest Rate = (Simple Interest × 100)/(Principal × Time).
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What is the rate of interest: https://brainly.ph/question/220676
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