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16 January, 00:17

April took out a $600 loan form the bank. at the end of 5 years, she pays back the principal, plus $60 simple interest. what was the interest rate?

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  1. 16 January, 00:26
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    600 x 5 x i = 60

    3000 i = 60

    i = 60 / 3000

    i = 0.02

    0.02 = 2%

    answer the interest rate was 2%
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