8)What number is 60% of 140?
2 answers:
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There is no explicit formula for interest rate, so it must be found by some sort of solver. Here a TI-84 work-alike calculator financial app has been used to find the interest rate (APR) to be 7.5%.
The loan amount is 4000 less 8% of 4000, which is .08*4000 = 320. That is, the loan amount is 4000 -320 = 3680.
