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Answer:
Interest rate is 5.25% a year.
Step-by-step explanation:
r = (1/54)((22252.5/18000) - 1) = 0.004375
r = 0.004375
Convert decimal to percentage
R = 0.004375 * 100 = 0.4375%/month
Calculate annual rate
0.4375%/month × 12 months/year = 5.25% per year.
Answer:
he will owe $1,047 in total and $97.37 in interest
