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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.

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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