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Zepler [3.9K]
3 years ago
14

Mary borrowed $6000 from a bank for 3 years and was charged simple interest. The total interest that she paid on the loan was $7

20. As a percentage, what was the annual interest rate of her loan?
If necessary, refer to the list of financial formulas.

what is the percent %
Mathematics
1 answer:
daser333 [38]3 years ago
3 0
4.17




Step by step : I don’t know if it’s right but I did $6000 x 3 cause he did it for 3 year and then it came up to $18,000 then I did what is the percentage of 750$ in $18,000 and got 4.17
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Answer:

<em>The uniform rate of depreciation is $56,333 per year, or 11% per year.</em>

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It can be calculated as:

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