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3 years ago

13

Mason took out an $800 loan from the bank. At the end of 5 years, he pays back the principle, plus $120 simple interest. What is

the interest rate? Show your work

1 answer:

kirza4 [7]3 years ago

6 0

Answer:

3% or 0.03

Step-by-step explanation:

120/5=24

24 is 3% of 800.

We can assume that 800 is 100 percent.

That means 1 percent is 8.

24 is 3 percent.

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