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JulijaS [17]
3 years ago
13

You purchase a new guitar and take out a loan for $450. You have 18 equal monthly payments of $28 each. What is the simple inter

est rate for the loan? Round to the nearest tenth of a percent, if necessary.
Mathematics
1 answer:
Daniel [21]3 years ago
8 0
18*28/450=1.12
(1.12-1)*100=12%
Simple interest rate of the loan is 12%
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