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16 April, 14:51

You purchase a new guitar and take out a loan for $450. You have 18 equal monthly payments of $28 each. What is the simple interest rate for the loan? Round to the nearest tenth of a percent, if necessary.

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  1. 16 April, 15:09
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    18*28/450=1.12

    (1.12-1) * 100=12%

    Simple interest rate of the loan is 12%
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