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3 years ago

If you borrow $12250 and pay $147 in annual interest, the APR on your loan is 1.2% 14.7% 1.23% 7.35%

Physics

1 answer:

ziro4ka [17]3 years ago

7 0

Answer: 1.2%

Explanation:

Given

If one borrows $12,250

and give $147 interest on it

Then the interest is given from the formula

$\Rightarrow S.I=\dfrac{P\times R\times T}{100}\\\\\Rightarrow 147=\dfrac{12,250\times R\times 1}{100}\\\\\Rightarrow R=\dfrac{147}{122.50}\\\\\Rightarrow R=1.2\%$

Thus, the annual rate of interest is 1.2%

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