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Rus_ich [418]
3 years ago
5

You borrow $18,000 to buy a new car. You will pay $3,240 in simple interest at the end of 6 years. What is the annual interest r

ate on your purchase? Use the formula: I = Prt.
Mathematics
1 answer:
sergeinik [125]3 years ago
4 0
I = PRT/100
3240 = 18 000 * R * 6 /100
3240 = 180*R*6
3240 / (180*6) = R 
3 = R 
so the rate will be 3%.
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