If a business borrows 12,300 and repays 23,370 in 5 years what is the simple interest rate

Interpreting as: simple interest

Assuming "simple interest" refers to a formula
Computational Inputs:
Calculate: future value
» present value:
» interest rate:
» interest periods:

Compute
Input interpretation:
simple interest

Equation:
FV = PV (1 + i n) |
FV | future value
PV | present value
i | interest rate
n | interest periods

Input values:
present value | $1000.00 (US dollars)
interest rate | 8%
interest periods | 5

Result:
future value | $1400 (US dollars)
= C$1903.26 (Canadian dollars)

Step-by-step solution

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