Lenore borrowed $400 to pay for car repairs. She needs to pay it back in 2 years with simple interest. Lenore wants to figure ou
t the interest rate of her loan. What additional information does she need to find the interest rate?
2 answers:
R=i/400*2
She needs the total interest paid
Or the future value of that amount
First you have to divide 400 by 2. That gives you 200
The simple interest is $200
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