Suppose Tom receives one-year loan from ABC Bank for $5000.00.At the end of the year, Tom repays $5400.00 to ABC Bank.Assuming the simple calculation of interest, the interest rate on Tom's loan was:

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The Answer of Suppose Tom receives one-year loan from ABC Bank for $5000.00.At the end of the year, Tom repays $5400.00 to ABC Bank.Assuming the simple calculation of interest, the interest rate on Tom's loan was:

Suppose Tom Receives One-Year Loan from ABC Bank for $5000