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3 years ago

How do we find the rate of a loan if the total payment is $1,235. The loan was $800 in 5 years

1 answer:

7 0

$1235-$800=$435 thus the I which is the simple interest
:I=PRT all over 100
435=800(R) (5)all over 100
43500=4000R
:R=10.88%

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